Vernon Building Society has launched a 5-year fixed rate and increased its maximum LTV as part of a buy-to-let product review.
The new 5-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 November 2023 with a £995 fee and affordability will be assessed at a rate of 5% with rental cover (ICR) of at least 130%.
The lender has also launched a 3-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 3-year fixed rate buy-to-let products from today.