With a launch of several new 70% LTV purchase and remortgage products, Tipton and Coseley Building Society has now entered the buy-to-let market. Available exclusively to mortgage intermediaries, the two and three year discount product range includes a two year discount with an initial rate of 2.78% for new purchase. This is a discount of 2.71% from the buy-to-let variable rate and has a £999 arrangement fee.
Also available is a two year remortgage discount with an initial rate of 2.98%, which includes a discount of 2.51%, with a £199 booking fee and £799 arrangement fee. In addition, free standard legal fees and free standard valuation are included.
“We’re delighted to launch a new buy-to-let portfolio, especially as research suggests that a quarter of homes over the next decade will be rented out,” Richard Groom, head of mortgage sales (intermediary and direct) at the Tipton, commented.
“We’re capitalising on this suggested trend and look forward to developing and growing our market share.”
Groom added that while the society is well known for providing mainstream mortgages, it is looking forward to breaking into a new sector, especially one that is booming at the current time.