"I’m really pleased that this product is now available to our panel of directly authorised intermediaries."
The Buy for Uni mortgages are aimed at students who want to rent out rooms in their own residential property to friends or students.
The rent earned from the rented rooms is used to make the mortgage payment with the potential to top slice from a guarantor’s income.
If the student has at least one year left of their course at a University and are intending to live in the property themselves, they can let up to two further rooms to paying tenants. The mortgaged property must be within a 10 mile radius of the university they are attending and in England or Wales only.
Variable rates for three and five years are available at 4.59% up to 80% LTV with no ERC and a £999 completion fee on an interest-only or repayment basis.
Ashley Pearson, BDM at Loughborough BS, commented: "Buy for Uni mortgages have been offered via our direct channel for over two years with great success. I’m really pleased that this product is now available to our panel of directly authorised intermediaries.
"We’re keen to offer mortgage solutions to borrowers with a range of different circumstances and this is an excellent opportunity for those who in most cases, have never dreamed that they could buy their own home as a student."
