Returning lender with new buy to let mortgage offering.
Lenders are continually reviewing their ranges and may decide to withdraw products, as Chorley Building Society did with its previous buy to let mortgage offering.
Nevertheless, the lender has now re-entered the market with a new product, providing a new opportunity for those of you looking to become landlords or who already have one or two properties. However, the product is not suitable for portfolio landlords.
The details are:
- discounted rate of 3.99% available for 3 years for up to 80% loan to value
- no maximum age limit
- maximum term of 40 years
- maximum loan of £1million depending on LTV
A small product fee is applicable.
The lender offers to underwrite on a case-by-case basis but stipulates a minimum yield in rental of 125% (basic rate taxpayer) or 135% (higher rate taxpayer).
It pays to consult with us here at Deal Direct as this particular mortgage from Chorley BS is not available on the wider market. As many lenders work this way, we can help you source affordable, low-rate mortgages that enhance your profitability, but are only available via broker channels.
Please note that Deal Direct are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of property as an investment, you will need to contact an independent financial adviser.
Also, buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
For the latest buy to let mortgage offers, call 0800 048 8828.
