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However, the lender has now withdrawn its three-year fixed rate buy-to-let products.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.”
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.