Buckinghamshire launches 80% BTL mortgage at 3.09%

Buckinghamshire launches 80% BTL mortgage at 3.09%

Buckinghamshire Building Society has launched a buy-to-let mortgage at 80 per cent loan to value for a rate of 3.09 per cent.

The deal offers home buyers a five-year fixed rate of 3.09 per cent, with a £1,495 product fee.

It is open to borrowers with a minimum household income of £35,000 per annum.

Tim Vigeon, Buckinghamshire’s lending head, claimed it was one of the best rates available in what he called a "crowded BTL market”.

“We have a limited tranche for this product and it is expected to sell quickly,” he added.

Back in December, Buckinghamshire had to temporarily suspend new mortgage applications to deal with “unprecedented demand” across its product range.

The influx in applications at the lender followed a wave of rate cuts across the mortgage industry. 

In October, the likes of Landbay, Zephyr Homeloans, and Precise Mortgages all lowered their rates. 

And despite a looming 25 per cent hike in corporation tax, announced in May’s Budget, experts are confident the BTL sector will continue to thrive largely unscathed.

Elise Coole, managing director at buy-to-let lender Keystone Property Finance, told FTAdviser the top rate “is only going to hit one in every 25 buy-to-let investors”.