Tipton & Coseley Building Society is increasing its support for buy to let borrowers by accepting mortgage applications from portfolio landlords.
Products are available to landlords with up to ten mortgaged properties, including ones mortgaged to the Society.
Loan to value (LTV) is capped at 70% on both the subject property and the average across the retained portfolio, with aggregate borrowing of up to £1.5m per customer.
Jason Newsway, chief commercial officer at the Tipton, said: “Our new proposition is designed to give brokers a credible and competitive option for clients who have up to ten buy to let properties, whether they are refinancing, restructuring or looking to grow their portfolio.
“It follows substantial investment in modernisation and process efficiency, so our lending is powered by the fully digital Mast Origin Platform to elevate the broker experience.
“The Society’s individual underwriting approach means rather than treating each property in isolation, we will consider the sustainability of the landlord’s wider portfolio, alongside the rental coverage and security for the individual application.
“This is especially helpful for brokers advising landlords whose circumstances require a more measured assessment.”
The Tipton’s current mortgage range incorporates standard buy to let, expat and limited company buy to let. There are no minimum income requirements in place.
Rates for a standard buy to let purchase start from 5.14%, which is a two year fixed rate at 70% LTV with an arrangement fee of 2.5% of the total amount borrowed.
Expat buy to let mortgages start from 5.29%. This is for a three year discount at 70% LTV with a £1,500 arrangement fee. Limited company buy to let customers can access the same rate of 5.29% for a two year discount at 70% LTV with a £1,499 arrangement fee.
Jason added: “For us, stepping into portfolio buy to let is about combining straightforward criteria with the personal approach to underwriting that sits at the heart of the Tipton’s offering.
“We know the value brokers bring to professional landlords as their property businesses evolve and we’re giving them a clear sense of where the Society may be able to provide further assistance.”
