Complex Buy To Let
Vernon BS and Skipton International extend maximum BTL LTVs and widen criteria
Vernon Building Society and Skipton International have widened availability and introduced new products to their specialist buy-to-let (BTL) mortgage ranges.
Vernon Building Society has reintroduced top-slicing to its buy-to-let proposition and increased its maximum LTV to 75 per cent from 70 per cent.
It has also launched two new holiday let products on three-year discounted rates, starting from 1.71 per cent with a fee of £1,499.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said the changes to the range added “depth and breadth to our proposition”.
“We know that top-slicing is an important and useful tool for some landlords who want to boost their buying power or refinance their existing mortgage.
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“Our maximum LTV is now back to 75 per cent as we continue to respond to the more positive market conditions and adapt our buy-to-let range to meet the needs of landlords.”
Skipton International
Meanwhile, Skipton International has increased its maximum buy-to-let LTV to 75 per cent from 70 per cent on all loans up to £1m.
And existing applicants who have already applied for a 70 per cent LTV loan will be able to increase to 75 per cent LTV providing they meet the other relevant criteria.
The lender has also extended its UK buy-to-let offering to non-UK residents who intend to live in the property at a future date.
It said this would appeal to expats and other investors who wish to purchase a UK property on an initial buy-to-let basis, but who have the intention of returning to live in the property themselves on a longer-term basis thereafter.
The applicant or family member cannot occupy the property during the original three or five-year tracker or fixed rate product period.
Roger Hughes, business development manager at Skipton International, said: “With the current Stamp Duty Land Tax holiday extension, demand for UK property remains high and our enhancements will give greater flexibility to non-UK residents wishing to purchase buy-to-let property in the UK.
“There is a lot of optimism in the property market at the moment and we are expecting a busy next few months,” he added.