There is an exclusive 2.75% 2 year discount (2.44% off the lender’s SVR) for standard buy-to-let applications up to 75% LTV and a 3.50% 2 year discount (1.69% off the lender’s SVR) for ex-pat applications up to 70% LTV. There has also been a rate reduction on the existing 80% LTV product which is now 3.50% for 2 years (1.69% off the lender’s SVR).
Andy Young, chief executive at TBMC, said: “The outlook for the buy-to-let mortgage market is very good and we are expecting to see significant growth in 2015. We have been working closely with Hanley Economic Building Society to help develop its buy-to-let mortgage proposition to ensure that it meets the needs of landlords and delivers the right volumes of business. There have been rate reductions from a number of lenders recently and these new products are at the forefront, so we should see a high level of interest from brokers and their landlord clients.”
Rob Hassall, Business Development Manager at Hanley Economic Building Society, said: “Hanley Economic is looking to increase its buy-to-let lending in 2015, using a limited distribution strategy to control business levels and maintain quality. The demand for buy-to-let finance is strong so we have designed two keenly priced products up to 75% LTV and 80% LTV for UK based landlords and also a new 70% LTV product for expat landlords. We know that landlords are often put-off by high Arrangement fees, so the ‘no lender fee’ feature of these products should be appealing too.”
