The move was prompted by increasing demand from members for this type of product and, especially, more and more existing landlords with investment mortgages looking for a better deal.
The society is launching two new products both aimed specifically at the remortgage market: both have a 1% discount and both require a 25% deposit. However, the first product has a £350 arrangement fee but no valuation fee, and has a fast track free legal service. The second product has a 0.35% arrangement fee but also has a 0.75% cashback up to maxiumum of £5,000.
Commenting on the move, Lyn Colloff, group secretary and marketing executive at the Staffordshire, said: "We’ve been monitoring the investment property market for some time. We’ve wanted to ensure that the society delivers products that appeal to existing and prospective members and which safely differentiate ourselves against the competition. Our focus initially will be on those landlords who have already gained experience in owning investment properties and repaying mortgages on them but who are keen to save money by moving to a better deal.”
