Tipton & Coseley Building Society is extending its buy-to-let lending to portfolio landlords, with applications available for borrowers holding up to 10 mortgaged properties, including those financed by the Society.
The new proposition allows aggregate borrowing of up to £1.5m per customer, with loan-to-value (LTV) capped at 70% on both the subject property and the average across the retained portfolio.
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 that, 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 includes standard buy-to-let, expat and limited company buy-to-let products, with no minimum income requirements.
Rates for standard buy-to-let purchases start at 5.14% for 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 at 5.29% 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 an arrangement fee of £1,499.
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.”
