The Stafford Building Society has added two buy-to-let (BTL) mortgages to its line-up for landlords and investors across England and Wales.
Both the standard BTL and holiday BTL products come with a discounted rate of 3.05% for two years.
The standard variable rate (SVR) is 7.55%, with an annual percentage rate of charge (APRC) at 7.40%.
The mortgages come with a maximum loan-to-value (LTV) of 70% and there is no minimum income required, with the terms running up to age 85.
Holiday let and Airbnb income is accepted, and occupancy restrictions are considered.
Loan amounts start from £50,000.
Affordability is tested using rental income, including seasonal variations for holiday lets and Airbnb, and is stressed at 5.50%.
Borrowers can use the loans for capital raising, purchasing, or remortgaging.
A £100 application fee applies, along with a 5% arrangement fee, payable on completion or added to the loan if the total borrowing stays within 70% LTV.
Early repayment charges (ERCs) apply if more than 10% of the balance is repaid in a year during the discounted period.
Emma Parker, national account manager at the Stafford Building Society, said: “These new products have been designed to meet the needs of both traditional landlords and those operating in the holiday let sector.
“We continue to support brokers with products that are straightforward, manually underwritten, and built around responsible lending, while also offering low charging rates that suit landlords who want to keep their monthly outgoings tightly controlled.”
