Chelsea Building Society has launched a new buy-to-let product targeting investors in student accommodation. The society aims to broaden its appeal and target borrowers aside from the traditional buy-to-let investor.
Melissa Russell, public relations and corporate affairs manager at Chelsea Building Society, said: ‘The reason that the society launched the student buy-to-let facility is to have a product that will appeal to more of the market. Not only landlords, new or existing, small or professional, but also maybe parents who expect to have offspring at college or university. A lot of lenders do not offer the buy-to-let facility for student landlords and so the product opens up the market to more landlords.’
Interest is levied at SVR (5.69%) plus 0.25%with an initial 12 month discount of 0.76% and the maximum LTV is 80%.