The Vernon Building Society has launched a five-year fixed rate buy-to-let mortgage and increased its maximum LTV.

The new five-year fixed deal is available across the lender’s range of residential lets, including limited company and holiday lets.

The rate is fixed at 3.84% until 30/11/23 with a £995 fee, and affordability will be assessed at a rate of 5% with rental cover (ICR) of at least 130%.

In addition, the North-West-based mutual, has launched a three-year discounted buy-to-let rate at 1.5% with a £495 fee with no Early Repayment Charges.

The Vernon has also increased its maximum LTV across all of its buy-to-let products to 75%.

It is also withdrawing its three-year fixed rate buy-to-let products from today.

Tom Gurrie (pictured), intermediary sales manager at Vernon, said: “Our buy-to-let review gives brokers more options for their clients.

“Whether landlords are looking for a low-rate, low-fee combination to minimise their outgoings, the security of a five-year fixed rate or ERC-free flexibility, all can now borrow up to 75% LTV on our buy-to-let range, as individuals or limited companies.”