Suffolk Building Society has launched a new range of 85% LTV buy-to-let mortgages, supporting both UK and expat landlords.
The Society’s 85% LTV offering will initially comprise six products; three standard and three expat buy-to-let 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, at 125% for nil and basic rate taxpayers and 145% for higher and additional-rate taxpayers.
The Society recently introduced the option to top-slice, allowing landlords to use surplus disposable income to make up any shortfall in rental income when meeting ICR requirements. This flexibility can now be combined with its new 85% LTV mortgages, giving landlords more options when it comes to financing their properties.
To further enhance its existing proposition, JBSP is also available on the 85% LTV buy-to-let products.
Charlotte Grimshaw (pictured), head of intermediaries at Suffolk Building Society, 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 buy-to-let 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.”
