Darlington Building Society has launched new 5-year fixed rates on their buy-to-let range and has increased the maximum loan-to-value (LTV) from 75% to 80%, including for expat borrowers and holiday let investors.
Available from today, the updated range has been designed to give brokers greater flexibility when working with landlords who are looking to remortgage former residential properties, raise capital, or secure fixed-rate deals on holiday lets with personal use.
Headline rates include at 5-year fixed at 5.19% with £999 fee, an expat 5-year fixed at 5.49% with £999 fee and a holiday let 5-year fixed at 5.49% with £999 fee.
All products will benefit from a reduced interest coverage ratio (ICR) stress rate of pay rate plus 1%, helping support affordability at the higher LTV.
Christopher Blewitt, head of mortgage distribution at Darlington Building Society, said: “We’ve built a buy-to-let range that genuinely works for brokers, with real-world criteria and products that support clients across a variety of situations.
“The increase from 75% to 80% LTV is a direct response to broker feedback and gives more room for landlords needing to raise capital or repurpose a previous residential property.
“Whether it’s an expat looking to remortgage their former UK home onto a buy to let, or a holiday let owner looking to optimise cash flow, these changes give brokers another practical option.”
