Landlords looking at a no frills low cost buy-to-let mortgage will be excited by the news that one of the small local building society the Staffordshire Railway Building Society which previously limited lending to it's local area in the Midlands has announced yesterday that intends to expend its products to the whole of the UK.
Income is assessed on the same basis as a normal residential mortgage. Maximum LTV is 75%, but there are no fees charged with this product other than a valuation fee and the pay rate is the SVR of 6.07%.
It's an easy to understand buy-to-let mortgage product. You won’t find any unnecessary fees, tie-in periods or complex product features, just a straightforward and adaptable mortgage that makes it easy for you to concentrate on your property investment portfolio.
SRBS will lend on most residential properties, e.g. houses, bungalows, purpose built or converted leasehold flats and maisonettes (up to the fourth floor). Leasehold properties must have at least 50 years remaining on the lease at the end of the mortgage term.
It's helpful to get information about mortgages and how they work. thanks!
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