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Chorley Building Society launches back into Buy-to-Let market for non-portfolio landlords



Buy-to-let

Chorley Building Society has launched a new Buy-to-Let product for intermediaries, which marks the Society’s return to the market. The key features of the Society’s three year discount Buy-to-Let product can be viewed below.

Key Features:

  • Discounted variable rate of 3.99% for the first three years. It then changes to a standard variable rate, currently 5.24%, for the remainder of the term.
  • Overall cost for comparison is 5.2% APRC
  • Available for loans up to 80% LTV
  • £195 application fee
  • Early Repayment Charge (ERC) applicable

  • Julie Goodwin, Head of Business Development, commented: “I am delighted that Chorley Building Society is re-entering the Buy-to-Let market and that the Society’s new product offering, once again, provides borrowers with the opportunity to borrow up to 80% LTV. With the individual approach that the Society applies to underwriting, I am confident this will prove attractive with Buy-to-Let investors.”

    Chorley Building Society provides mortgages across England, Scotland and Wales. The Society adopts a common sense approach when assessing all of its mortgage applications as decisions are assessed on an individual basis without automated credit scoring.

    Buy-to-Let Lending Criteria:

  • Minimum age of 25 and there is no maximum age limit for any application
  • Minimum loan size of £80,000 and a maximum loan size of £1,000,000 subject to LTV
  • Minimum term of 3 years and a maximum term of 40 years
  • Available to customers who own no more than 3 Buy-to-Let properties and intend to use the property for investment purposes only
  • Minimum rental yield cover of 125% of the stress tested mortgage interest payment for basic rate taxpayers and 135% for higher and additional rate taxpayers
  • Property must be located in England, Scotland or Wales

  • Further lending criteria apply. For more information about the product click here, and for details of our full lending criteria email at intermediaries@chorleybs.co.uk or call one of our experienced underwriters on 01257 235 001 - Option 2.

    Products can be withdrawn without notice at any time.