Buy To Let mortgage mayhem goes on

Beverley Building Society has entered the buy to let market for the first time with two new products.

Its variable rate BTL for UK customers is available at 5.64 per cent with a maximum loan-to-value and a completion fee of £995.

Meanwhile, for expat BTL customers there is a product at a variable rate of 6.04% with a maximum LTV of 70% and completion fee of £995.

The society says it has introduced the new products in response to the growing demand from landlords looking for competitive lending solutions to maximise their investment.

The Beverley’s products are designed to help both new and existing landlords up to a total of three buy to let properties per client.

They are also available for non-owner occupiers. For its expat product, there is a list of acceptable countries and a UK named individual – family member or solicitor – is required, as well as their address for service of notices.

A minimum application income of £20,000 per annum is required for the BTL product and £40,000 per annum for the expat.

Beverley Building Society’s head of new lending, Simon Glass, says: “I am thrilled to announce our official launch into buy-to-let lending. I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals. This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.”

Meanwhile Bluestone Mortgages - now owned by buy to let stalwart lender Shawbrook Bank - is pulling out of BTL altogether.

It says will it no longer accept new buy-to-let applications from August 11, just next week.

Existing applicants from BTL investors will be processed as normal but in future the lender will focus on residential mortgages for more complex applicants such as the self-employed and those with complex credit histories and income streams.

Bluestone says it’s seen an average 90 per cent monthly increase in new business residential home loans in recent months, fuelled by the volatile mortgage market.

Sales and marketing director Reece Beddall says: “With the current economic climate contributing to growth in the number of customers who no longer fit the mainstream lending profile, we are experiencing increased levels of demand. This is an exciting time for Bluestone and we’re fully committed to and focused on doubling down our efforts to help would-be and existing borrowers who rely on our approach to realise their home ownership goals.”

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