Chorley Building Society has re-entered the buy to let market with a new budget product on offer for intermediaries.
Chorley is now offering a new three-year discount buy to let product, available at 3.99 per cent up to 80 per cent LTV. This product is accompanied by a £195 application fee.
For basic rate taxpayers, the minimum rental yield cover is set to be 125 per cent for those hoping to invest. This then rises to 135 per cent for higher and additional rate taxpayers.
Chorley Building Society is aiming to cater for small scale investors as opposed to large corporations, with the new deal aimed exclusively at non-portfolio landlords. There is no age limit for anyone who hopes to make an application.
The products on offer have a maximum loan size of £1,000,000 subject to LTV. There is also a fixed maximum term on the deal of 40 years.
Head of Business Development at Chorley Building Society, Julie Goodwin, commented on Chorley’s re-entry to the market. She said: ‘I am delighted that Chorley Building Society is re-entering the buy-to-let market and that the Society’s new product offering, once again, provides borrowers with the opportunity to borrow up to 80 per cent LTV. With the individual approach that the Society applies to underwriting, I am confident this will prove attractive with buy-to-let investors.’
Chorley Building Society is the latest in a string of new additions to the buy to let market, which has continued to thrive in spite of a string of new regulations and measures, such as the new Stamp Duty surcharge, which had the potential to dampen investment property sales. Chorley’s return to the market signals a healthy demand for investment, especially amongst small scale landlords, a group who it was feared would suffer most under the changes.