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Sainsbury’s Bank is the latest lender to join the buy to let sector, offering products for landlords who boast a portfolio of up to three properties.
The supermarket giant’s banking arm has joined the busy buy to let market. Sainsbury’s Bank will now offer 2 and 5 year fixed rate options for landlords with a portfolio of up to three properties.
The bank will be launching 2 and 5-year fixes which one with purchase and remortgage options. Lending will be available up to £1 million to 60 per cent loan-to-value and £500,000 up to 75 per cent LTV.
Sainsbury’s Bank is also launching a consumer buy to let mortgage deal for accidental landlords who have difficulty selling their property, an unusual offering in today’s market.
Head of banking at Sainsbury’s Bank, David Buxton, spoke out about the new range, saying: ‘We are delighted to introduce our buy to let and consumer buy to let products as we’re keen to begin to help smaller investors and non-portfolio landlords manage their mortgage outgoings. We work in partnership with our broker partners and they told us that a buy to let range was important so we developed one as soon as we could, within our first year of trading. By creating strong partnerships, and listening to our brokers every step of the way, we’re continuing to build a strong mortgage proposition.’
Product highlights in the range include five-year fixes available for purchases up tp 75 per cent LTV at 3.06 per cent with no fee. A second offering is at 2.81 per cent with a £995 fee, along with a 2.71 per cent product with a £1,995 fee. In terms of 2-year fixes, a deal standing at 2.61 per cent with no fee is available, along with one at 2.05 per cent with a £995 fee. Finally, a third two year offering is available at 1.88 per cent with a £1.995 fee.