The product is specifically aimed at those who are entering the buy-to-let market for the first time, an area that many other providers are now not supporting.
The new product will launch with a 5-year discount at 2.74% (2.5% discount from SVR) a maximum LTV of 75% and a fixed scheme fee of just £599.
Furthermore, the lender has also launched a range of Help to Buy products, which are suitable for the new scheme that will be available from spring 2021.
These products will be available for the England and Wales scheme and will be for first-time buyers only.
Julie Goodwin, head of business development at Chorley Building Society, said: “We recently carried out a full review of our BTL offering.
“We listened to the broker network and they told us that they are regularly receiving requests for a first time landlord product that they were unable to place.
“At Chorley, we have always valued the feedback that we receive and we’re very pleased to be able to offer this product.”
Clare Mahood, head of products and marketing at Chorley Building Society, added: “As part of our mutual values it is important to us to support those that are taking their first step on the property ladder.
“We also listened to feedback from members and brokers who told us that they wanted the mortgage product to be a 5-year term, which will match that of the government’s equity loan to them.”
