The maximum LTV increase is in response to broker feedback, especially for the expat market where higher LTV remortgages have been harder to secure, the lender said.
The new products aims to “give brokers greater flexibility when working with landlords who are looking to remortgage former residential properties, raise capital, or secure fixed-rate deals on holiday lets with personal use”.
Headline rates include its five-year fixed buy-to-let rate at 5.19% with £999 fee, expat buy-to-let five-year fixed rate at 5.49% with £999 fee and holiday let five-year fixed rate with £999 fee.
All products have a reduced interest coverage ratio (ICR) of pay rate plus 1% to support affordability at a higher LTV.
Christopher Blewitt (pictured), head of mortgage distribution at Darlington Building Society, said: “We’ve built a BTL range that genuinely works for brokers, with real-world criteria and products that support clients across a variety of situations.
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“The increase from 75% to 80% LTV is a direct response to broker feedback and gives more room for landlords needing to raise capital or repurpose a previous residential property. Whether it’s an expat looking to remortgage their former UK home onto a buy to let, or a holiday let owner looking to optimise cash flow, these changes give brokers another practical option.”
Darlington Building Society expanded the criteria on its professional mortgage range to include more key worker professions that may have variable income streams.
