Abbey National looks to the landlord market

Abbey National is launching a range of buy-to-let mortgages aimed at existing landlords looking to remortgage.

The range will offer free valuation for mortgage purposes (up to £345) and a £250 contribution towards legal fees.

The new mortgages include a 1.05% discount on a two-year deal up to 70% at 4.89% and a three-year discount deal at 4.79%, both with arrangement fees of £350. Two additional fixed-rate deals include a two-year fixed deal at 5.35% and a five-year fixed at 5.45%, both with a £350 booking fee.

Ambrose McGinn, director of sales and marketing at Abbey National for Intermediaries, says: “The level of demand in the market for buy-to-let mortgages over the last 12 months has been incredibly high.

“However, our cautious approach to lending for new business means that our buy-to-let approach will focus on those landlords who have already gained equity in their properties and would now like to remortgage to a better deal.

“This will create a new business stream for Abbey National that will be lower risk than taking on new and first-time landlords.”