With discussions over market and rate uncertainty currently taking centre stage in the UK, many offshore investors are looking for a lead when contemplating investing in property. Making the right choice of mortgage can make a real difference, with lending terms and a competitive rate critical to the purchase decision.
Ranald Caldwell, head of lending at BoS International, commented: “Constantly reviewing not only the mortgage rates we offer, but also the lending terms, allows us to ensure that what we offer to our offshore customers is tailor made to help them with such an important borrowing decision. We have just made revisions to the rates on our buy-to-let term tracker mortgage and fixed rate mortgage, as well as changes to the early repayment charges, which are designed to make our products amongst the most competitive available.”
BoS International buy-to-let term tracker mortgage now has a much reduced early repayment charge from 12 months interest to three months interest if the mortgage is repaid in the first two years. The initial product fee now payable is £999.
With its fixed rate mortgage, BoS International has changed its interest rate structure to depend upon the deposit the client wishes to pay, giving customers more flexibility and choice. They have also reduced the early repayment charge from 12 months interest to six months interest. The initial product fee now payable is now £999.
Caldwell said: “By adding an extra level of deposit flexibility to our fixed rate mortgage we are able to give our customers more choice. Now customers with a 40 per cent or more deposit can have a fixed rate of 5.49 per cent, those with a deposit of 25 per cent - 40 per cent can have a fixed rate of 5.59 per cent and finally those with a deposit of between 20 per cent and 25 cent can have a fixed rate of 5.79 per cent. In addition, by reducing the early repayment charges on both mortgages, we are also making it easier and more attractive for customers to redeem their mortgage earlier, a facility that many offshore customers will find advantageous, particularly if they receive generous bonuses at the end of the calendar year.”
Criteria of the buy-to-let term tracker
- Product fee £999
- Early repayment charge is three months interest if repaid in first two years
- Minimum loan £100,000
- Maximum loan £5 million
Criteria of the fixed rate
- Product fee £999
- Expiry of fixed rate 31 December 2008
- Early repayment charge is six months interest if repaid in first two years
- Loan-to-value (LTV) up to 60 per cent is fixed at 5.49 per cent
- LTV between 60 per cent to 75 per cent is fixed at 5.59 per cent
- LTV between 75 per cent to 80 per cent is fixed at 5.79 per cent
- Minimum loan £100,000
- Maximum loan £1 million
