Highlights include two-year discounted rates of 3.14% with a £699 fee and 2.59% with a £1,499 fee. Five-year fixed rates start from 3.09% with a £999 fee.
The Society's mortgages are available to individuals over the age of 25 with a maximum age of 70 at the end of the term, alongside a minimum income requirement of £25,000.
The Loughborough will accept first-time landlords and capital raising for property improvements, funding the deposit of another property, and for the repayment of a Help to Buy equity loan where the borrower wishes to apply for a Let to Buy mortgage.
The interest coverage ratio is stressed on the product rate and must meet 130% of the monthly mortgage payment based on interest only. Where the rental income is insufficient there is an option to include the applicants’ personal income.
Loughborough Building Society says the changes will widen their reach to landlords for both purchase and remortgage throughout England and Wales.
