Sainsbury’s Bank has launched new buy-to-let (BTL) products solely available via brokers.
The new products are designed for those looking to purchase or remortgage, with lending being made available to individuals who hold a maximum portfolio of three buy-to-let mortgaged properties.
The bank is also launching a consumer buy-to-let product for accidental landlords.
The various products are available across two and five-year fixed terms. Lending is available up to £1m with a 60% LTV, and £500,000 up to 75% LTV.
David Buxton, head of banking at Sainsbury’s Bank, said: “We are delighted to introduce our buy-to-let and Consumer buy-to-let products as we’re keen to begin to help smaller investors and non-portfolio landlords manage their mortgage outgoings.
“We work in partnership with our broker partners and they told us that a buy-to-let range was important so we developed one as soon as we could, within our first year of trading. By creating strong partnerships, and listening to our brokers every step of the way, we’re continuing to build a strong mortgage proposition.”
The minimum loan amount available starts at £40,000, increasing to £1m with minimum terms starting at five years and rising to 40.
Applications are open from individuals and not limited companies and those looking to take advantage of the new products must have a minimum income of £20,000, excluding rental income.