Chorley Building Society are pleased to announce the launch of a new ‘First-Time Landlord’ product in the buy to let market.
This product is specifically aimed at those who are entering the buy to let market for the first time, an area that many other providers are now not supporting.
Julie Goodwin, Chorley’s Head of Business Development commented: “We recently carried out a full review of our Buy to Let offering. We listened to the broker network and they told us that they are regularly receiving requests for a ‘First-Time Landlord’ product that they were unable to place. At Chorley, we have always valued the feedback that we receive and we’re very pleased to be able to offer this product.”
The building society also continues to offer their standard competitive Buy to Let Products available for purchase and remortgage.
The First Time Landlord product is being offered as a 2 year discount product and is currently at a rate of 3.49% (1.75% discount from SVR) and a maximum LTV of 75%. The Society’s standard and remortgage Buy to Let Products are also offered on a 2 year discount, both currently at a rate of 2.99% (2.25% discount from SVR) and a maximum LTV of 75%.
At the end of the month the Society will also launch its new range of Help to Buy products which are suitable for the new scheme that will be available from Spring 2021.
These products will be available for the England and Wales scheme and will be for first time buyers only.
Clare Mahood, Head of Products and Marketing said: “As part of our mutual values it is important to us to support those that are taking their first step on the property ladder. We also listened to feedback from Members and Brokers who told us that they wanted the mortgage product to be a five year term, which will match that of the Government’s equity loan to them. Our new product will launch with a five year discount at 2.74% (2.5% discount from SVR) a maximum LTV of 75% and a fixed scheme fee of just £599.”
The Society will also continue to offer a remortgage Help to Buy product for those that are still on the current scheme. This is a two year discount product at a rate of 2.59% (2.65% discount from SVR) a maximum LTV of 75% with no scheme fee and a cashback of £500.