Newcastle Intermediaries has removed the minimum income criteria on its buy-to-let  (BTL) mortgage products.

The lender says the move was designed to attract landlords with lower or non-traditional incomes.

Borrowers no longer need to meet the £25k pa (£30k joint) minimum income requirement on Newcastle Intermediaries’ BTL mortgage products but must be in receipt of an employed, self-employed or pension income.

Affordability will now be assessed using the Interest Coverage Ratio (ICR).

Earlier in 2022 Newcastle Intermediaries integrated with SmartrFit, Legal & General’s mortgage criteria support service allowing the lender to provide more accurate data to brokers, updating them more efficiently with its latest criteria and products on offer.

Legal & General head of lender relationships Danny Belton says: “It’s encouraging to see Newcastle Intermediaries take a common-sense approach to lending and ease the barrier to entry for BTL borrowers through the removal of its minimum income requirements. This will prove a welcome change for customers who will now benefit from a simplified mortgage application process.”

Newcastle Building Society chief customer officer Stuart Miller says: “With the primary driver for affordability being rent generated on the property itself, additional affordability assessments such as having the minimum income criteria in place can prove unnecessary.

“Removing this requirement not only underlines our commitment to the BTL market by ensuring we continue to deliver a competitive and flexible offering, but also helps to broaden the accessibility of Newcastle Intermediaries’ proposition to brokers and their clients.”