Darlington Building Society has unveiled an improved buy to let mortgage range, raising the loan-to-value (LTV) limit from 75% to 80% and introducing five-year fixed-rate products.
Available immediately, these offerings cater to landlords, including expatriates and holiday let investors, wanting to remortgage, raise funds or secure stable rates.
Key rates include a 5.19% five-year fixed BTL deal with a £999 fee, a 5.49% expat buy to let option, and a 5.49% holiday let mortgage, both also carrying a £999 fee.
A reduced interest coverage ratio (ICR) stress rate of pay rate plus 1% enhances affordability at the higher LTV.
Landlords needing capital
Darlington’s criteria has no minimum income requirement, eligibility for first-time buyers and landlords, and up to 90 days’ personal use for holiday lets.
Its head of mortgage distribution, Christopher Blewitt, said: “The increase from 75% to 80% LTV is a direct response to broker feedback and gives more room for landlords needing to raise capital or repurpose a previous residential property.
“Whether it’s an expat looking to remortgage their former UK home onto a buy to let, or a holiday let owner looking to optimise cash flow, these changes give brokers another practical option.”
HTB’s specialist mortgages
Meanwhile, Hampshire Trust Bank (HTB) has expanded its specialist mortgages and bridging operation into Scotland.
The move will broaden access to tailored solutions for complex cases and non-standard properties.
Recent enhancements include Portfolio Edge, a combined term and bridging facility for portfolio landlords and improved pricing on semi-commercial properties exceeding £5 million.
There’s also increased funding flexibility for heavy refurbishments, with a maximum customer exposure limit now at £35 million.
The firm’s sales director, Andrea Glasgow, said: “Expanding our specialist mortgages offering into Scotland is a significant step and reflects our continued commitment to supporting brokers with complex deals, wherever they or their clients are based.
“This expansion allows us to support brokers and landlords across the UK in placing deals in Scotland with confidence, backed by the same tailored approach they already expect from us.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
