Chorley Building Society launches back into Buy-to-Let market for non-portfolio landlords

Mortgage

​Chorley Building Society has launched a new BTL product for intermediaries, which marks the Society’s return to the market.

Article date: 05/10/2017

Chorley Building Society has launched a new Buy to Let product for intermediaries, which marks the Society’s return to the market. The key features of the Society’s three year discount Buy-to-Let product can be viewed below.

Key features:

  • Discounted variable rate of 3.99% for the first three years. It then changes to a standard variable rate, currently 5.24%, for the remainder of the term.
  • Overall cost for comparison is 5.2% APRC 
  • Available for loans up to 80% LTV
  • Early Repayment Charge applicable 
Julie Goodwin, Head of Business Development, commented: “I am delighted that Chorley Building Society are re-entering the Buy-to-Let market and that the Society’s new product offering, once again, provides borrowers with the opportunity to borrow up to 80% LTV. With the individual approach that the Society applies to underwriting, I am confident this will prove attractive with Buy-to-Let investors.”

Chorley Building Society provides mortgages across England, Wales and most parts of Scotland. The Society adopts a common sense approach when assessing all of its mortgage applications as decisions are assessed on an individual basis without automated credit scoring. 

Buy to Let Lending Criteria:

  • Minimum age of 25 and there is no maximum age limit for any application
  • Minimum loan size of £80,000 and a maximum loan size of £1,000,000 subject to LTV
  • Minimum term of 3 years and a maximum term of 40 years
  • Available to customers who own no more than 3 Buy-to-Let properties and intend to use the property for investment purposes only
  • Minimum rental yield cover of 125% of the stress tested mortgage payment for basic rate taxpayers and 135% for higher and additional rate taxpayers 
  • Property must be located in England, Scotland or Wales.
Further lending criteria apply. For more information about the product, visit our website at chorleybs.co.uk and for details of our full lending criteria email at intermediaries@chorleybs.co.uk or call one of our experienced underwriters on 01257 235 001 - Option 2.

Products can be withdrawn without notice at any time. 


Live