The Stafford Building Society has launched two mortgages for landlords with a discounted rate of 3.05%.
It will use rental income to assess affordability and consider seasonal changes in holidays Lights and Airbnb.
This is calculated using a pressure rate of 5.50%. New products are suitable for landlords who want to raise funds, buy property, or cash out on existing portfolios.
As long as the total loan does not exceed 70% of LTV, a £100 application fee, as well as a 5% arrangement fee, can be paid upon completion or can be added to the loan balance.
If more than 10% of the outstanding balance is repaid in any year during the discount period, the expenses will be repaid in advance.
These products are available in England and Wales with a minimum loan of £50,000.
“These new products are designed to meet the needs of traditional landlords and landlords who operate on holidays,” said Emma Parker, national account manager at Stafford Architecture Association.
