BoS Mortgages reduces BTL rates

Product details are as follows:

• 2 year tracker from 5.29% (bank base rate –0.46%) at a maximum LTV of 75 per cent, with £1,589 arrangement fee and early redemption charges of 6% TO 30 November 2008 and 5% TO 30 November 2009
• 2 year fixed rate from 5.74% at a maximum LTV of 75 per cent, with £1,989 arrangement fee and early redemption charges of 6% TO 30 November 2008 and 5% TO 30 November 2009
• 3 year fixed rate at 5.99% at a maximum LTV of 85 per cent, with £2,499 arrangement fee and an early redemption charge of 5% TO 30 November 2010

Peter Curran, head of distribution at Bank of Scotland Mortgages, said: “ARLA's latest survey revealed that 69% of existing buy-to-let investors said that the LTV on their rented residential properties was less than 75% LTV. Bank of Scotland offers a range of low LTV products with extremely competitive rates offering intermediaries real choice for their clients.

“With five increases in the Bank of England base rate in the last 12 months making it increasingly difficult for first-time buyers to get on to the property ladder, the demand for buy-to-let properties continues.”