Standard Life revamps BTL

Enhancements to the range include:

• Half-price booking/arrangement fees for any landlord purchasing more than one buy-to-let property with a Standard Life Bank mortgage (fees for first mortgage at standard rate, all subsequent mortgages up to a maximum of 10 in a 12-month-period following AIP of first application, reduced by 50 per cent)
• Rental yield requirement reduced to 110 per cent from 120 per cent
• Verification of income may not be required for loan-to-value (LTV) of up to 85 per cent (increased from 75 per cent)

Landlords could also benefit from features including:

• Borrow back on overpayments
• Option to add upfront fees to the loan
• Affordability boost
• Overpayments
• Payment holidays

The pricing on fixed rate buy-to-let mortgages has also been restructured to High Loan, Standard and Low Fee. These allow customers to select the correct balance of monthly payments and fee to suit their requirements. For example, landlords looking for a three-year fix mortgage could currently get a rate of 5.89% (7.7% APR) up to 85% LTV (reverting to SVR after 3 years), if they take out the High Loan option, available for loans from £150,000.

Jackie Moran, head of sales for Standard Life Bank, said: “This enhanced buy-to-let portfolio offers a range of product options with competitive rates, fees and criteria. Of particular interest to IFAs will be the multiple application benefit which will make it cheaper for their clients to expand their property portfolio.”