Beverley Building Society enters BTL market
By Jodie BradleyBeverley Building Society has launched into the BTL sector with two mortgage products aimed at assisting UK landlords and expats as part of an ambitious growth strategy.
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Beverley’s products are specifically designed to help both new and existing landlords with up to three BTL properties per client and is available for non-owner occupiers.
The highlights of the BTL products are:
- Variable rate 5.64% (2.15% discount on SVR)
- Maximum LTV 70%
- Completion fee £995
The highlights of the expat BTL products are:
- Variable rate 6.04% (1.75% discount on SVR)
- Maximum LTV 70%
- Completion fee £995
A minimum application income of £20,000 per annum is required for the BTL product, with £40,000 per annum for the expat option.
The firm offers a rental calculation of 130% for basic and high-rate taxpayers at the higher figure of 2% above payrate, or at 5.5%.
For the expat offering, Beverley has a list of acceptable countries and requires a UK named individual (family member or solicitor) and their address for service of notices.
Beverley’s head of new lending, Simon Glass (pictured above), commented: “I am thrilled to announce our official launch into BTL lending [and] I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals.
“This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.”
Keywords: Beverley, Beverley building society, BTL, mortgage product, ex-pat, landlords, Simon Glass, lender loan, property investors
Source: BTL Insider — https://btlinsider.co.uk/beverley-building-society-enters-btl-market