Scottish Widows Bank announces buy-to-let mortgage reform

20-Mar-2007

Scottish Widows Bank has announced the reform of its buy-to-let mortgage package, which may be of interest to first time buyers looking to invest.

Following the changes, in addition to non-professional investors - which may include first time buyers - now being allowed to borrow up to a loan-to-value (LTV) of 80 per cent, applicants may now add the arrangement fee of £595 to the amount borrowed for the loan.

"The buy-to-let market has gone from strength to strength, highlighted by the latest statistics from the [Council of Mortgage Lenders] reporting strong performance in 2006," said Richard Clark, head of product development and marketing at Scottish Widows Bank.

"The buy-to-let market shows no sign of slowing," he added.

Qualifying professional buy-to-let investors may also borrow up to a maximum LTV of 85 per cent.

To find out how to get onto the property ladder by buying to let in a different location click here.

Scottish Widows was established in 1815.

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