Beverley Building Society once again strengthens its mortgage proposition by entering the Buy-to-Let market

As part of an ambitious growth strategy, which includes driving forward a competitive mortgage portfolio, Beverley Building Society has launched two Buy-to-Let mortgage products to assist UK residents and Ex Pats.

Product details at a glance

Buy-to-Let

• Variable rate 5.64% (2.15% discount on SVR) 
• Maximum LTV 70%
• Completion fee £995

Ex Pat Buy-to-Let

• Variable rate 6.04% (1.75% discount on SVR) 
• Maximum LTV 70%
• Completion fee £995

Whilst navigating one of the most politically and economically volatile periods the UK has seen in decades, the Society is now responding to the growing demand from landlords who are looking for competitive lending solutions to maximise their investment.

According to Uswitch in February of this year, Buy-to-Let statistics for 2022 show consumer Buy-to-Let mortgages are now worth around three times the total market value from 2007, at an estimated £955 billion and, if the predicted steady rise in mortgage values continues into the coming decade, as it has over the last 15 years, this sector of the market should be worth over £1.4 trillion.₁

“Recent buy-to-let statistics show that £8.5 billion worth of properties were bought by UK landlords in the first quarter of 2022 alone.”₂ reports the Uswitch website, and  “In 2022, more than 211,000 buy-to-let mortgages were approved by UK lenders, and occupied 13.6% of total mortgage lending for the year.”₃

The Beverley’s products are specifically designed to help both new and existing landlords up to a total of three buy-to-let properties per client and also available for non-owner occupiers. A minimum application income of £20,000 per annum is required for the Buy-to-Let product, with £40,000 per annum for the Ex-Pat.

The firm offers a rental calculation of 130% for basic and high-rate taxpayers at the higher figure of 2% above payrate, or at 5.5%. For our Ex-Pat offering we have a list of acceptable countries and require a UK named individual (family member or solicitor) and their address for service of notices is required and full product details are displayed on the Society’s website.

Beverley Building Society’s Head of New Lending, Simon Glass, adds: “I am thrilled to announce our official launch into buy-to-let lending, I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals. This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.”

With a common-sense approach to lending, supporting customers who may not fit all the mainstream automated mortgage “boxes” and a highly personalised service, the Beverley continues to stand out in an increasingly faceless digital world and expand its presence as the building society of choice in the East Riding and beyond.