The five-year deal has no early repayment charge
Specialist bridging and buy-to-let lender Mercantile Trust has added a new one-year fixed rate and a five-year fix with no early repayment charge (ERC) to its buy-to-let product range.
The new products, the lender said, are designed to support landlords who are looking for certainty of payment with the freedom to leave.
The deals are available across Mercantile Trust’s entire buy-to-let range as a first or second charge up to 75% loan-to-value (LTV), with loans available from £10,000 up to £750,000 throughout England, Wales, and Scotland, and 70% LTV in Northern Ireland.
The one-year deal has an ERC of 1% with a rate of 11.53% while the five-year product has no ERC and is priced at 12.40%.
“During a time when many borrowers are dealing with affordability issues, it is really important that lenders provide alternative solutions for brokers and their clients,” said Maeve Ward (pictured), director of commercial operations at Mercantile Trust. “These new fixed rates provide optionality, but with certainty of payment while waiting for the market to settle.”
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