Tipton and Coseley Building Society has entered the buy-to-let market with a number of 70 per cent LTV purchase and remortgage products.
The range is only available through intermediaries and includes a two-year discount with an initial rate of 2.78% for new purchase, which is a discount of 2.71% from the buy-to-let variable rate and has a £999 arrangement fee.
It is also offering a remortgage deal which is a two-year discount rate at 2.98%, (2.51% below its buy-to-let variable rate), with a £199 booking fee and £799 arrangement fee. Free standard legal fees and free standard valuation are included.
Tipton head of mortgage sales Richard Groom says: “We’re delighted to launch a new buy to let portfolio, especially as research suggests that a quarter of homes over the next decade will be rented out. We’re capitalising on this suggested trend and look forward to developing and growing our market share.”