Beverley Building Society has debuted in the buy to let sector with a duo of fresh offerings. Their UK-centric variable rate BTL is on offer at 5.64%, accompanied by a capped loan-to-value and a finalisation charge of £995.
Conversely, for overseas BTL clients, there’s an option with a fluctuating rate of 6.04% that caps the LTV at 70% and incurs a £995 completion cost.
The society has rolled out these novel offerings, driven by the escalating needs of landlords in pursuit of competitive lending alternatives to amplify their investments.
Beverley’s offerings cater to both budding and seasoned landlords, covering up to three buy to let properties for each customer.
These products also extend to those not residing in their properties. For expatriate offerings, there’s a specified set of approved countries. Additionally, the presence of a UK-based individual – either a relative or legal representative – is mandatory, along with an address for official communications.
For the standard BTL offering, applicants need a minimum yearly income of £20,000, while for expatriates it’s set at £40,000.
The Head of New Lending at Beverley Building Society, Simon Glass, remarks, “It’s exhilarating to unveil our foray into buy to let lending. I’m optimistic that with our adeptness and pioneering solutions, potential property investors will find their financial ambitions within reach. This notable venture accentuates our commitment to extending diverse and customised mortgage solutions to an expanded clientele.”
Bluestone Mortgages, currently under the umbrella of renowned buy to let lender Shawbrook Bank, is bidding farewell to the BTL sector.
They’ve announced they won’t be entertaining new buy to let applications from the 11th of August, which is just around the corner.
While ongoing applications from BTL investors will proceed as usual, the company’s forward-looking strategy will be centred on residential mortgages. They aim to cater specifically to individuals with unconventional profiles, like the self-employed or those with intricate credit records and varied income sources.
Bluestone has witnessed a striking 90% monthly surge in fresh residential home loans lately, propelled by the fluctuating mortgage landscape.
Reece Beddall, the Director of Sales and Marketing, commented, “Given the present economic conditions, there’s a rising pool of clients who don’t align with traditional lending criteria, leading to heightened demand for our services. This period brims with promise for Bluestone, and we’re zealously redirecting our energies to assist potential and current clients in fulfilling their property aspirations.”
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