Retailer Sainsbury’s Bank is launching into buy-to-let lending with a range of two and five-year fixes solely through its growing panel of mortgage advisers.
The new products are available for purchases and remortgages; however they will only be available to landlords with a portfolio of three mortgaged buy-to-let properties maximum.
With two and five-year fixed rate lending options on offer, lending is available up to £1million at 60 per cent LTV, and up to £500,000 at 75 per cent LTV.
For remortgaging it is offering a two-year fix at 60 per cent LTV, priced at 2.3 per cent, with no fee, or at 1.72 per cent with a £995 fee.
For purchases it is offering a five-year fix at 2.66 per cent, again at 60 per cent LTV albeit with no fee. At this same LTV it is also offering a five-year fixed rate of 1.49 per cent with a £1,995 fee.
The provider is also launching a Consumer Buy to Let (CBTL) product for accidental landlords as part of the launch.
In a statement, David Buxton, head of banking at Sainsbury’s Bank, said: “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.”
Sainsbury’s Bank was historically part owned by HBOS which later became Lloyds Banking Group, which sold mortgages via Bank of Scotland. Sainsbury’s took full ownership of Sainsbury’s Bank in 2014, expanding into mortgages as a ‘strategic priority’ in April 2017.