Chorley Building Society has launched new first-time landlord buy-to-let products, following feedback received from brokers.
The new products offer a lower interest rate than the society’s equivalent first-time landlord product and have a fixed 3% scheme fee.
The society’s standard first-time landlord product has a fixed scheme fee of £1499 and has a higher interest rate.
This means that the lower interest rate will support the ICR calculation (rent required to support the mortgage payments).
The new first-time landlord product is available at 75% loan-to-value (LTV) with an interest rate of 4.64%, which represents a 3.65% discount from the current standard variable rate (SVR).
Liz Pearson (pictured), head of operations, said: “We listen to all comments from our broker network. The potential to offset a scheme fee (dependent on the landlord’s individual tax liability status) and benefit from a lower interest rate, was something that had come up many times.
“We recently included this change within our standard buy-to-let range and we are delighted to now launch this for first-time landlords.”
