Stafford Building Society has launched two mortgages for landlords with a reduced variable rate of interest of three.05%.
It will assess affordability utilizing rental earnings, with seasonal differences thought-about for holiday lets and Airbnb.
This is calculated utilizing a burdened rate of interest of 5.50%. The new merchandise are appropriate for landlords who wish to elevate capital, purchase a property or remortgage an current portfolio.
A £100 software price applies, together with a 5% association price, payable upon completion, or may be added to the mortgage steadiness, supplied complete borrowing doesn’t prime 70% LTV.
Early compensation prices apply if greater than 10% of the excellent steadiness is repaid in anybody 12 months through the discounted interval.
The merchandise can be found throughout England and Wales, with a £50,000 minimal mortgage.
Stafford Building Society nationwide account supervisor Emma Parker says: “These new merchandise have been designed to fulfill the wants of each conventional landlords and these working within the holiday let sector.”
