Swansea Building Society has launched a new range of lower rate mortgage products aimed at a wide selection of borrowers, including buy-to-let landlords.
Among the new range, the society is offering buy-to-let and holiday let products at up to 75% loan-to-value (LTV), up from 70% LTV.
Consumer buy-to-let products have also been launched by the society and are aimed at those who previously lived in the family home but now wish to let the property.
This mortgage product is aimed at people who have become so-called accidental landlords and are regulated in the same way as residential mortgages. Consequently, the borrower is offered greater protection than they would with a normal business buy-to-let mortgage.
The new mortgage products have been introduced to meet the demands of Swansea Building Society’s customers across a number of areas.
Alun Williams, chief executive of Swansea Building Society, commented: “We strive to always deliver the best products possible to our customers and these new mortgage offerings have been carefully designed to do just that.
“Our mortgage managers take the time to really understand the needs of our customers in more niche circumstances, such as those who are self-employed and therefore have a different income structure, or those looking to build their own property.
“These lower rate mortgages that cater to customers in these situations are incredibly competitive and demonstrate the Society’s dedication to passing on rate cuts to mortgage customers, while continuing to offer favourable rates for savers.”