We have expanded the range and scope of our mortgage products

Richard Miles and Alun Williams

We have expanded and updated our mortgage product range to include a new green mortgage, aimed at incentivising energy efficient homes. We have also increased loan to value amounts for buy to let and holiday let mortgages, launched new products for Limited Company buy to let and holiday let mortgages and are allowing portfolio landlord applications for the first time in the Society’s history.

Our new Green Mortgage product is applicable only on properties which have an Energy Performance Certificate (EPC) rating of A or B. This mortgage aims to reward the purchasing of lower-carbon and energy efficient homes with an especially low interest rate.

We are also raising the maximum loan to value (LTV) on our buy to let and holiday let mortgage range for personal customers from 70% to 75%. Simultaneously, we are offering new buy to let, and holiday let mortgages for Limited Company applications, with a max LTV of 70%.

For the first time the Society’s 99-year history, we are now also allowing applications from portfolio landlords. A portfolio landlord is defined as an individual who has four or more buy to let mortgaged properties.

These changes, which came into effect on March 1, 2022, have been brought in to reflect the current property market environment and keep up to date with the needs of the Society’s mortgage clients.

Alun Williams, our Chief Executive, said:

“These changes to our mortgage products have been brought in to keep pace with the needs and demands of borrowers. We have made the decision to increase the loan to value maximum on a number of products to make them more desirable, and we have, after 99 years, decided to allow applications from portfolio landlords.

“Introducing our Green Mortgage is something we feel is very important to the future of the Society. It incentivises the purchase of energy efficient homes, and this is something that we believe will become an increasingly important factor when people consider a home for themselves and their families.”