Hinckley and Rugby to launch portfolio buy-to-let mortgages
Hinckley and Rugby Building Society is to start lending to buy-to-let portfolio landlords.
The society will offer the deals from 2nd July and its definition of portfolio is an investor with four or more mortgaged buy-to-let properties.
The homes can be properties owned within a limited company if the applicant has more than 25% of the shares, properties held on a consent to let basis or holiday lets.
For joint applications, if the combined number of qualifying properties exceeds three then the application will also be classed as portfolio lending.
The maximum number of properties in a portfolio is 10 and the maximum loan to value of the portfolio is 70%.
And at least one applicant must have at least 24 months experience as a landlord.
All standard buy-to-let products will made available to portfolio landlords and include a two-year discount at various LTVs, a lifetime discount and a five-year fixed rate.