Available through the directly authorised mortgage club of Personal Touch, there is a two-year BTL tracker with a current pay rate of 5 per cent with a Base Rate minus of 0.50 per cent, a fee of £1,499 and a rental calculation at 125 per cent of the pay rate.
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As an alternative there is a Base Rate minus 0.20 per cent two-year tracker at 5.30 per cent with a rental calculation at 110 per cent of pay rate with a valuation refund and £1,199 fee.
Finally, there is a Base Rate product at 5.50 per cent with a rental calculation at 100 per cent of pay rate also with a £1,199 fee and a valuation refund. Mortgagebox is also paying an additional 0.05 per cent fee on all BM BTL deals.
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Dev Malle, sales director at Personal Touch, said: “Brokers have been crying out for a pay rate product from BM, as they know they can trust BM’s great service. In the current market a 5 per cent pay rate with a reasonable fee should absolutely fly. The early signs have been superb for these products.”
James O’Reilly, key account manager at BM Solutions, added: “These are fantastic products, backed by excellent service and at a time when most BM distributors are paying an additional 0.05 per cent procuration fee on BTL cases.”
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Lee Grandin, managing director of Landlord Mortgages, said: “In my position I was ready to do business with BM but it pulled the plug on its range. I was anticipating doing a lot of business with it as the rates are very good, but its generic rates were better.”
