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Chorley BS re-enters buy-to-let with broker-only loan

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Chorley Building Society has re-entered the buy-to-let market with a broker-only product.

The lender stopped buy-to-let lending last April as it reached its lending limits for the class.

The discount product has a variable rate of 3.99 per cent for the first three years.

It then changes to a standard variable rate, currently 5.24 per cent, for the remainder of the term (up to 40 years).

The loan is available up to 80 per cent LTV. It has a £195 application fee.

The minimum loan size is £80,000 and the maximum is £1m.

Chorley will extend the loan to anyone over the age of 25.

Customers cannot have more than three buy-to-let properties.

Chorley will stress test interest payments at 125 per cent for basic rate taxpayers and 135 per cent for higher and additional rate taxpayers.

Chorley Building Society head of business development Julie Goodwin says: “We pulled out because we had reached our limits. It was always our plan to re-enter, but we wanted to wait until it was the right time to go back in.”

She adds: “I am delighted that Chorley Building Society are re-entering the buy-to-let market and that the society’s new product offering, once again, provides borrowers with the opportunity to borrow up to 80 per cent LTV.”

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