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Vernon Building Society launches 5-year fixed rate on its buy-to-let range

Vernon Building Society has launched a new five-year fixed rate deal, as part of its buy-to-let product review.

The new product, which is available across its BTL range, including limited company and holiday lets, is offered at a fixed rate of 3.84% until 30 November 2023, with a £995 fee and affordability assessed at a rate of 5% with Interest Cover Ratio (ICR) of at least 130%.

Vernon, which has increased its maximum loan-to-value (LTV), has also launched a three-year discounted buy-to-let rate at 1.5% with a £495 fee with no Early Repayment Charges.

However, the lender has now withdrawn its three-year fixed rate buy-to-let products.

Tom Gurrie, intermediary sales manager at Vernon, said: “Our buy-to-let review gives brokers more options for their clients.

“Whether landlords are looking for a low-rate, low-fee combination to minimise their outgoings, the security of a five-year fixed rate or ERC-free flexibility, all can now borrow up to 75% LTV on our buy-to-let range, as individuals or limited companies.”

Poll: With the average five-year fixed rate buy-to-let mortgage deal now at a record low, is this term the best option for landlords looking to take out a new BTL mortgage?

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