In a significant move within the mortgage market, Buckinghamshire Building Society has announced an expansion of its buy-to-let (BTL) and holiday let product offerings. The society has raised the maximum loan amount for these products from £500,000 to £750,000, catering to the growing demand from landlords and investors seeking larger financing options.
What new products are available?
Alongside the increased loan limits, Buckinghamshire BS has introduced several competitive mortgage options. Standard BTL borrowers can now access a three-year fixed rate at 6.19% for loans up to 80% loan-to-value (LTV). For expat investors, a similar product is available at 6.29%. Additionally, a holiday let mortgage with a two-year fix is offered at 6.09% for loans up to 75% LTV, with an expat version priced at 6.19%. All these products come with a £1,500 fee.
Who benefits from these changes?
This expansion is particularly beneficial for landlords and expat investors looking for greater flexibility and larger loan sizes. The acceptance of expat mortgage applications from residents in Hong Kong, excluding those with British National Overseas status, broadens the society’s reach within the international market. This move aligns with the increasing appetite for BTL investments, as many investors seek to diversify their portfolios.
What this means for the mortgage market
For landlords, the increased maximum loan size and the introduction of new fixed-rate products provide more options and payment certainty without long-term commitments. Brokers will also benefit from having more diverse offerings to present to clients, particularly those with larger financing needs. The recent adjustments reflect the evolving nature of the mortgage market, responding to the demands of both domestic and expat investors.
Frequently asked questions
What is the maximum loan amount for BTL mortgages now?
The maximum loan amount for buy-to-let mortgages at Buckinghamshire BS has been increased to £750,000.
Are expats eligible for these new mortgage products?
Yes, expat mortgage applications from residents in Hong Kong (excluding British National Overseas status) are now accepted, expanding access to these products.