Vernon Building Society launches new buy-to-let deals

31 October 2018

North-West-based mutual, Vernon Building Society, has launched a five-year fixed rate and increased its maximum LTV as part of a buy-to-let product review.

The new five-year fixed deal is available across the lender’s range of residential lets, including limited company and holiday lets.

The rate is fixed at 3.84% until 30/11/23 with a £995 fee, and affordability will be assessed at a rate of 5% with rental cover (ICR) of at least 130%.

In addition, the lender has launched a three-year discounted buy-to-let rate at 1.5% with a £495 fee with no Early Repayment Charges.

Vernon has also increased its maximum LTV across all of its buy-to-let products to 75%.

Tom Gurrie, intermediary sales manager at Vernon, said: “Our buy-to-let review gives brokers more options for their clients.

“Whether landlords are looking for a low-rate, low-fee combination to minimise their outgoings, the security of a five-year fixed rate or ERC-free flexibility, all can now borrow up to 75% LTV on our buy-to-let range, as individuals or limited companies.”

As part of the product review Vernon will withdraw its three-year fixed rate buy-to-let products from Wed 31st October.