The Tipton enters portfolio buy-to-let market

Tipton & Coseley Building Society will now accept buy-to-let mortgage applications from portfolio landlords.

Products are available to landlords with up to ten mortgaged properties, including ones mortgaged to the Society.

The maximum LTV is capped at 70% on both the subject property and the average across the retained portfolio, with aggregate borrowing of up to £1.5m per customer.

The Tipton’s current mortgage range incorporates standard buy-to-let, expat and limited company buy-to-let. There are no minimum income requirements in place.

Rates for a standard buy-to-let purchase start from 5.14% on a two-year fixed rate at 70% LTV with an arrangement fee of 2.5% of the total amount borrowed.

Jason Newsway (pictured), chief commercial officer at the Tipton, said: “Our new proposition is designed to give brokers a credible and competitive option for clients who have up to ten buy-to-let properties, whether they are refinancing, restructuring or looking to grow their portfolio.

“It follows substantial investment in modernisation and process efficiency, so our lending is powered by the fully digital Mast Origin Platform to elevate the broker experience.

“The Society’s individual underwriting approach means rather than treating each property in isolation, we will consider the sustainability of the landlord’s wider portfolio, alongside the rental coverage and security for the individual application.

“This is especially helpful for brokers advising landlords whose circumstances require a more measured assessment.

“For us, stepping into portfolio buy-to-let is about combining straightforward criteria with the personal approach to underwriting that sits at the heart of the Tipton’s offering.

“We know the value brokers bring to professional landlords as their property businesses evolve and we’re giving them a clear sense of where the Society may be able to provide further assistance.”