The products, available exclusively via Platform, are three-year Bank of England Base Rate (BBR) trackers, with the buy-to-let launched at BBR plus 0.74 (5.49 per cent) and the self-certification at BBR plus 0.84 per cent (5.59 per cent).
Both products come with £650 cashback and are available up to 85 per cent LTV. The lending ceiling is £500,000 on loans up to 75 per cent LTV and £300,000 up to 85 per cent LTV.
Sue Cox, business development manager at Bananas Inc, said: “These products represent really good value for money and are about 0.25 per cent cheaper than most of the other products that are currently available on the market. In addition to this, they come with a £650 cashback for the borrower.”
At the end of the three-year period, the buy-to-let reverts to BBR plus 1.95 per cent and the self-certification to BBR plus 1.75 per cent. There is a completion fee of £495 and an early repayment fee of 6 per cent applies on the products if there is a full or partial repayment within three years of completion. Thereafter, full redemption will require one months’ notice or incur a charge of 1 per cent of the amount redeemed.
James Cotton, mortgage specialist at London & Country, said: “These three-year deals are a good offering from Bananas Inc and at the cheaper end of both the buy-to-let and self-cert markets. The £650 cashback seems like a good offer, especially for smaller loans, although it would be interesting to see if they could offer a no-cashback option with even lower rates. Borrowers must be happy to stick with either deal for the full three years as each one carries a hefty 6 per cent early repayment charge.”
