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Loughborough Building Society Reduces Buy to Let Fixed Rate

Loughborough BS has reduced the rate on their 80% LTV 5yr BTL fixed rate mortgage from 3.49% to 3.25%.

The product comes with a free valuation and no application or completion fees to pay.

This is available to Business BTL, Consumer BTL and Let to Buy applications for the purchase or remortgage of properties in England and Wales to applicants who have a minimum income of £25,000 and are aged 25 or over.

Subject to status, the remortgage option allows for  additional borrowing for property improvements, debt consolidation and capital raising to purchase another property.

Loughborough use ICR at 130% for basic rate taxpayers at the product rate. Top slicing is permitted.

This product is not available to portfolio landlords and the Society won’t lend on flats, apartments or maisonettes. Early Repayment Charges are applicable throughout the product term.

Ashley Pearson, National BDM said, ‘I’m happy with this reduction in rate, it shows commitment to landlords and at 80% LTV puts us in a good place in the market’.