Furness offering regulated buy-to-let mortgages

Aaron Strutt Image

Furness for Intermediaries is one of the few lenders offering regulated buy-to-let mortgages - where the property is let to a family member.

Under the current mortgage rules, if a property is let to a family member, the mortgage is subject to the same assessment as a residential application.

Trinity Financial has access to the Furness' 3.15% two-year rate. There is a 2.39% discount from the society's current 5.54% standard variable rate.  

At the end of the discounted period, the mortgage reverts to 5.54%%. The overall cost for comparison is 5.4% APR.

In order to qualify borrowers will need a 40% deposit and there is a maximum loan size of £1 million. The arrangement fee is £995.

Please note, applicant's must be able to afford to pay for their own mortgage and the new investment property. 

Aaron Strutt, product manager at Trinity Financial, says: “Many of the lenders do not offer regulated buy-to-let mortgages and they pulled out before the implementation of the Mortgage Market Review. 

“The lender has some set criteria that borrowers need to meet to qualify for the mortgage. They will need to be an owner-occupier and they cannot live in rented accommodation.”

There must be a tenancy agreement in place and the rental income must cover 125% of the product pay rate. The landlord cannot own more than 10 properties.

For help to secure a regulated buy-to-let mortgage, call Trinity on 020 7016 0790.

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