Skipton Building Society has launched two new buy-to-let base rate trackers.
Available at 60% and 70% LTV, and at rates starting from Bank Base Rate plus 2.74%, the new products are now available to the whole of the intermediary market as well as via Skipton’s branches and Skipton Direct contact centre.
The product range includes a two-year base rate tracker mortgage – up to 60% LTV at BBR plus 2.74%, currently 3.24% and a two-year base rate tracker mortgage – up to 70% LTV at BBR plus 3.09%, currently 3.59%.
Both have an application fee of £245 and completion fee of £995.
Its buy-to-let products are now available to first-time landlords, who can demonstrate that they have owned residential property for the past six months and for the purchase of new build houses, though new build flats still do not qualify.
The minimum eligible income for main applicants has also been reduced from £30,000 to £20,000 per annum.
Kris Brewster, head of products at Skipton, says: “We’re delighted to be able to further enhance our buy-to-let offering with these attractive new products which will improve the choice available for consumers and now for the whole of the intermediary market as well. We now offer both variable and fixed rates on our buy-to-let mortgage range, thereby allowing customers to choose the product that is most suited to their individual circumstances.
“We returned to buy-to-let lending earlier this year in line with our mutual commitment to helping people to achieve their varied homeownership aspirations, and hope the criteria changes which coincide with this new product launch will make property investment possible for even more people.
“We believe this is an excellent time to consider becoming a landlord, with rental demand soaring due to limited mortgage availability and indications that people are increasingly looking to rent until later in their lives, in keeping with the more European model of homeownership.”