Family Buy to Let launched
Posted on December 14, 2018
Loughborough Building Society expands Buy to Let solutions
Loughborough Building Society has launched a Buy to Let mortgage for landlords who want to rent to family members.
Changes in mortgage regulation have meant family Buy to Let mortgages have become harder to come by and yet demand remains healthy.
Loughborough Building Society has listened to feedback from their Intermediary panel and worked to provide this type of landlord with a solution.
Available for re-mortgage and purchase, the new product is available up to 80% LTV and rental coverage is calculated as per standard BTL. In circumstances where the rental income is insufficient and the applicant’s personal income is required, a top slicing approach will be used.
Ashley Pearson, BDM said “I’m really pleased we’ve added Family Buy to Let to our range of lending solutions. As our proposition continues to grow, we feel it’s important to listen to our panel partners and this is further evidence of our ability to find solutions for them”.
The Loughborough lends to borrowers in England and Wales, both direct to consumers and through the intermediary channel.