Buy-to-let lending criteria relaxed

As the housing market slows, mortgage companies are relaxing lending criteria to attract new business, particularly in the buy-to-let market where the average loan has usually been 75 percent of the property's value.

As of 26^th April Chelsea Building Society has reviewed its buy-to-let lending policy, increasing the loan to value (LTV) to 85% for all of its buy-to-let products and has extended the end dates of the fixed rates.

"Buy-to-let borrowers have consistently proven that they are very tuned in to relevant trends and this is evident through historically low arrears for our Buy to Let customers," said Sean Scannell, marketing communications controller at Chelsea. "We are once again demonstrating our ability to react swiftly to customer demand, such as the increase of our buy-to-let Loan To Value."

Arrangement fees are hefty at £455 but £200 will be given towards legal fees. Interest rates run from 5.75% to 5.99% fixed until 31.07.07 or 31.07.08 then the Society’s standard variable rate currently 6.74% for the rest of the mortgage.


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