The new product range consists of six, two year fixed rate buy-to-let mortgages. Three of the new products are for self-contained, single unit properties at an ICR of 125% at product charging rate or 5% - whichever is the greater. The range also includes three identically priced products for landlords looking to purchase HMOs or multi-unit blocks with a 130% ICR at 7%.
Rates for the new products start at 4.50%, with a maximum loan-to-value of 75% for all products. The 5.99% fix for HMOs/multi-unit blocks also benefits from zero product fee.
John Heron, Director of Mortgages, said:
“These new products have been designed for professional landlords who are looking to grow their portfolios at a time when confidence is returning to the buy-to-let market more generally.
“Landlords operating at the professional end of the market usually have more bespoke requirements and are investing in more niche properties, so we have tailored three of our new products specifically for HMOs and multi-unit blocks.”
