Hinckley & Rugby Building Society has announced the relaunch of its buy-to-let limited company Lending proposition, boosting its current buy-to-let offerings.
The mutual says its product has been designed to support existing and would-be landlords who are looking to fix their repayments for a longer period and maximise their borrowing potential. It will also suit those who wish to grow their portfolios through the creation of a Special Purpose Vehicle (SPV), which will be dedicated to managing their portfolios.
The product details are as follows:
- Five-year fixed rate at 2.95%
- 70% LTV, £250 application fee
- £999 completion fee
- Free valuation up to £1m
The product will be aimed at borrowers who have at least two years’ experience as a landlord, no more than 10 mortgaged properties in their portfolio, and are growing their portfolio steadily with fewer than four properties acquired in the last 12 months.
Carolyn Thornley-Yates (pictured), head of mortgage proposition & distribution, said: “We’re delighted to bring our buy-to-let limited company mortgage back to market, anticipating the needs of the growing number of landlords whose portfolios are structured via a Special Purpose Vehicle.
“Our competitive five-year fixed rate product protects borrowers from surprises in a rising-rate environment and includes a free valuation to £1m.”
