Sainsbury’s Bank has launched its first range of buy-to-let mortgages, which will only be available through its broker network.
The new products are available for purchases and remortgages. However, they will only be available to landlords with a maximum portfolio of three mortgaged buy-to-let properties.
Sainsbury’s Bank is offering two and five-year fixed-rate lending options. Lending is available up to £1m at 60 per cent LTV, and up to £500,000 at 75 per cent LTV.
For remortgaging it is offering a two-year fix at 60 per cent LTV, priced at 2.3 per cent, with no fee, or at 1.72 per cent with a £995 fee.
For purchases it is offering a five-year fix at 2.66 per cent, again at 60 per cent LTV. This has no fee. At this same LTV it is also offering a five-year fixed rate of 1.49 per cent with a £1,995 fee.
Sainsbury’s Bank is also launching a consumer buy-to-let mortgage deal for accidental landlords who have difficulty selling their property.
Sainsbury’s Bank head of banking David Buxton says: “We work in partnership with out broker partners and they told us a buy-to-let range was important. [These products] are designed to help smaller investors and non-portfolio landlords.”