Skipton launches new buy to let range
04 April 2012
Written by Jenny Barrett
Skipton Building Society has announced the launch a new range of buy to let mortgage products for property investors.
Launched this week, the new range of buy to let mortgages includes two, three and five year fixed-rate products, as well as a choice of rate and fee combinations.
Skipton is offering loans of up to 75 per cent loan to value, for the first time since the building society re-entered the buy to let mortgage market a year ago.
Skipton has said it is launching the new buy to let mortgage range in order to meet the growing demands from landlords and investors in the private rental sector.
“Tenant demand has remained strong throughout 2011 and into 2012, according to our estate agent subsidiary, Connells Group,” said Kris Brewster head of products at Skipton Building Society.
The building society has seen an increase in the number of tenants during 2011 and into 2012. The Connells Group subsidiary recorded an increase of 14.8 per cent in the number of tenants moving into rental properties in 2011, compared to the previous year.
“Based on this insight, we believe buy to let continues to play a vital part in returning the housing market to health, in terms of meeting significant demand for quality private rental properties – which are a vital stepping stone for the first time buyers of the future – and in contributing to property turnover amid the ongoing, subdued market conditions,” added Mr Brewster.
“We’re keen to continue offering good value, flexible solutions to new and existing landlords, through this new range. We hope that the increase in our maximum loan to value will also help to open doors to more people interested in investing in property.”