Chorley Building Society has launched new first-time landlord mortgage products, following feedback received from brokers.
The new products offers a lower interest rate than the Society’s equivalent first-time landlord product and have a fixed 3% fee.
The new products are available at 4.64%, a 3.65% discount from the current SVR, with a standard product available up to 75% LTV and a limited company product capped at 70% LTV.
The Society's existing first-time landlord product has a fixed fee of £1,499 and a higher interest rate. This means that the lower interest rate will support the ICR calculation (rent required to support the mortgage payments).
Liz Pearson (pictured), head of operations at Chorley Building Society, commented: “We listen to all comments from our broker network. The potential to offset a scheme fee (dependent on the landlord’s individual tax liability status) and benefit from a lower interest rate, was something that had come up many times.
"We recently included this change within our standard Buy to Let range and we are delighted to now launch this for first-time landlords.”
