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Beverley BS launches into buy-to-let market

  • 04/08/2023
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Beverley BS launches into buy-to-let market
Beverley Building Society has expanded its mortgage offering by launching into the buy-to-let market with products for UK residents and expats.

The buy-to-let product is available on a discounted variable rate of 5.64 per cent up to 70 per cent loan to value (LTV). It has a £995 completion fee. The option for expat borrowers is also available up to 70 per cent LTV and has a discounted variable rate of 6.04 per cent. This has a completion fee of £995. 

Both products are on a two-year term. 

The mutual said it was responding to the demand from landlords for “competitive lending solutions”. 

The products are open to new and existing landlords with no more than three buy-to-let properties. Non-owner occupiers will also be accepted. 

A minimum income of £20,000 is required for buy-to-let borrowers, while expat applicants must have an annual income of at least £40,000. 

The products have a rental calculation of 130 per cent for basic and high-rate taxpayers at two per cent plus payrate or 5.5 per cent, whichever is higher. 

Simon Glass (pictured), head of new lending at Beverley Building Society, said: “I am thrilled to announce our official launch into buy-to-let lending, I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals.  

“This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.” 

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