Mortgages  

Brightstar launches short-term let range

Brightstar launches short-term let range

Brightstar Financial has partnered with Foundation Home Loans to launch a short-term let range.

Brightstar is a specialist finance partner to intermediaries which aims to help brokers with cases declined by mainstream lenders.

The short-term let is available to both individuals and limited companies, up to 75 per cent loan-to-value (LTV).

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Rates start from 2.99 per cent for a two-year fixed rate up to 65 per cent LTV, and a two-year fixed rate up to 75 per cent LTV is available at 3.34 per cent.

Rates on a five-year fixed rate are available at 3.54 per cent up to 65 per cent LTV and 3.74 per cent up to 75 per cent LTV.

Jeff List, head of buy-to-let at Brightstar Financial, said a growing number of property investors are recognising they could achieve better returns on a short-term let than traditional buy-to-let investment.

He said: "Standard buy-to-let mortgages are not appropriate for investors in short-term lets as they require an assured shorthold tenancy to be in place, so it is important that brokers have access to competitive specialist short-term let products to meet this increasing demand.

"This [...] is an excellent example of a product that meets a market need and provides brokers with an extra tool to help their landlord clients."

Foundation Home Loans recently reported 18 per cent of UK landlords expected to remain a landlord indefinitely, unperturbed by tax and regulatory changes in recent years.

Jeff Knight, managing director at Foundation Home Loans, previously said positivity had grown in the landlord market but there was still uncertainty driven by the unknowns surrounding the market such as the recent regulatory changes.

Earlier this month, Brightstar expanded into the equity release sector, partnering with Sentry Lifetime to offer a later-life lending referral service for brokers.

rachel.addison@ft.com