The student BTL range is available on a tracker or fixed rate, starting from 5.49 per cent. Over and underpayments and payment holidays are also features, with the products including the option of reverting to the Society’s ‘go-to’ rate at the end of the initial product period. Landlords can also transfer to another student BTL deal at the end of the initial term.
Scarborough ’s BTL flexible Base Rate tracker is available at 5.49 per cent, with a maximum LTV of 80 per cent. An arrangement fee of £495 exists. A fees-assisted variable tracker at 5.79 per cent is also available. The flexible three-year fix is 5.49 per cent until April 2009, with a maximum LTV of 80 per cent. Both deals insist the property is of standard construction, including no converted flats.
Tony Burdin, head of retail strategy at the Scarborough, said: “We work in a competitive marketplace where lenders need to be innovative and listen to what borrowers and brokers want. Research has told us niche and specialist products like student BTL and holiday BTL are under-supplied and deserve to figure in future plans.
“The student let product forms part of our overall BTL portfolio and means we now offer a complete solution from those entering this marketplace for the first time to the more experienced landlord looking to expand their property portfolio.”
Kim Barrett, proprietor at KS Barrett & Associates, said: “What would be interesting is to see if the product is under one entity, or allows for multiple lets which would make it a slight variation.”
