Six months of trials have persuaded Abbey for Intermediaries to go into the buy-to-let market on a permanent basis.
According to a statement, the lender will start offering its first BTL product as of next Monday, 13 November, with features such as a maximum LTV of 85% for loans up to £1m, and minimum rental cover of 120%. There will be no limit on the number of properties against which fund can be borrowed, although Abbey will apply a portfolio total of £5m. For a market such as London where the average price is already above £250,000, that suggests a maximum portfolio of 20 properties. The lender will target the market with a range of offers including 2 and 3-year fixed rate and tracker products,...
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