Hinckley & Rugby Building Society has launched a Buy to Let offset mortgage through London & Country.
The mortgage is a 2.65 per cent discount off the Society’s Basic Variable Rate (currently 5.64 per cent) for the whole term.
The initial charging rate is 2.99 per cent and the mortgage is available at up to 75 per cent LTV. The offset facility reduces the capital balance when savings are deposited.
David Hollingworth, associate director at London & Country, comments: “An offset account associated with the property is a great way for landlords to build funds for repairs or rental voids. It was very popular before the credit crunch so we’re delighted to have this product.”
Carolyn Thornley-Yates, Hinckley & Rugby’s head of intermediary sales, adds: “We have long brought the benefits of offsetting to our residential customers. Now Buy to Let landlords can also enjoy the advantages of tax efficiency and less interest charges through this innovative mortgage.”
Meanwhile, Teachers Building Society has marked its return to the buy-to-let market by launching two new products, a purchase mortgage and remortgage,.
The new mortgages, which are available direct and through intermediaries, offer a competitive rate with the remortgage offering a fee-free deal – no arrangement or valuation fee and free legals.
James Bawa, chief executive of Teachers Building Society, comments: “At Teachers Building Society, we work hard to ensure that the products we provide meet the needs of both teachers and local residents, and following feedback from intermediaries we know these new products will meet an increasing demand for a Buy-to-Let purchase and remortgage.”