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Chelsea gives half-year discount on buy to let

Chelsea Building Society is improving the terms on its buy-to-let mortgage

by offering a 2 per cent discount for the first six months.

The new loan will be discounted to 4.74 per cent. Following the discounted

period, the rate will revert to the standard variable rate, currently 6.74

per cent, plus 0.25 per cent.

Chelsea says investors who buy houses for income often run into additional

expenses during the first six months, so the discounted rate helps them get

over this initial period.

Maximum loan to value is 80 per cent. Investors can use the loan to

purchase up to five properties as long as the total borrowed does not

exceed £325,000. Loans up to £500,000 will be considered but at a

lower LTV rate.

Procuration fees are negotiable with the lender.

Public relations and corporate affairs controller Matthew Cape says: “This

new product repeats the simplicity that the original product included.

Borrowers do not have to demonstrate income to support the loan providing

that the rent is sufficient.”

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