Abbey launches into buy-to-let lending for smaller landlords

Abbey has launched into the buy-to-let market with a range of products for small landlords.

The range is available for those with up to two buy-to-let properties (no HMOs) and who are aged between 21 and 70. Applicants can also have a mortgage on their own home.

A minimum 25% deposit is required and rental cover of 125% or above is needed.

Abbey is offering a two-year fix at 4.29% with a £1,495 fee, available up to 60% LTV, and a two-year fix at 5.19% with a £1,495 fee available up to 75% LTV.

Both products are available for purchase and remortgage.

Phil Cliff, director of retail assets at Abbey, said: “The range is designed to meet the needs of new or small volume landlords adding a first or second buy-to-let property, and we expect to see strong interest.”

The products are available exclusively via mortgage brokers, and not direct, and require a minimum purchase price of £100,000.