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Sainsbury’s Bank enters buy-to-let market

Sainsbury’s Bank has extended its mortgage range with the launch of two-year and five-year buy-to-let products for landlords with a portfolio of up to three properties.

The new purchase and remortgage products, available only through the bank’s network of brokers, provide loans up to £1m at 60% loan-to-value (LTV) and £500,000 up to 75% LTV.

Product highlights in terms of five-year fixed rate deals for purchase at up to 75% LTV include a 3.06% deal with no fee, 2.81% with a £995 fee and 2.71% with a £1,995 fee.

Meanwhile, two-year fixes are available at 2.61% with no fee, 2.05% with a £995 fee and 1.88% with a £1,995 fee.

David Buxton, head of banking at Sainsbury’s Bank, said: “We are delighted to introduce our buy-to-let and consumer buy-to-let products as we’re keen to begin to help smaller investors and non-portfolio landlords manage their mortgage outgoings.

“We work in partnership with our broker partners and they told us that a buy-to-let range was important so we developed one as soon as we could, within our first year of trading.

“By creating strong partnerships, and listening to our brokers every step of the way, we’re continuing to build a strong mortgage proposition.”

  • Bill Wood

    Only slightly related to this report, what is to stop a bank offering, say, a 2 year loan, imposing a fee of £20,000, and not charging interest for the next 2 years? The loan can then be renewed with the same terms for the next 2 years. I am assuming that most professional landlords can manage this £20K up-front fee.
    This means that the fee, being as legal expense, will be tax deductable, something that interest payments soon will not be.
    I must be missing something here or surely it would have been done.

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