Suffolk Building Society launches 85% LTV BTL mortgage range

Suffolk Building Society has launched a new range of 85% LTV BTL Mortgages, supporting both UK and expat landlords.

The society’s 85% LTV offering will initially comprise six products; three standard BTL and three expat BTL mortgages.

Both ranges will include two-year fixed and discounted rate options, alongside a five-year fixed rate product.

Landlords must demonstrate sufficient rental income to meet the society’s standard Interest Coverage Ratio (ICR) requirements:

• 125% for nil and basic rate taxpayers

• 145% for higher and additional-rate taxpayers

The society recently introduced the option to top-slice, which can be combined with the new range.

To further enhance its existing proposition, joint borrower sole proprietor (JBSP) is available on the 85% LTV BTL products too.

Charlotte Grimshaw, head of intermediaries at Suffolk Building Society (pictured above), said: “We hope this move will appeal to first time landlords who may be struggling to save a larger deposit, despite having identified a property with strong rental potential.

“Equally, we expect interest from existing landlords looking to remortgage to release capital to purchase another property, fund renovations, support those who’ve inherited property or cover energy-efficiency improvements.

“Of course, lending at 85% LTV comes with responsibilities for us, so our manual underwriting will be well positioned.

"We're hugely committed to the BTL market and hope that the steady stream of improvements and flexibility that we've introduced over recent weeks demonstrates our determination to support an even greater number of landlords and builds on our current proposition.”