Ray Boulger, Senior Technical Manager at Charcol said, "These deals are easily market leaders for buy to let borrowers, indeed they're cheaper than many lenders' residential two year fixes. The rates are also better than nearly every tracker or discount on the buy to let market, offering excellent value for almost all borrowers who don't want to lock into a longer term fixed rate.
"A very important additional benefit of these deals is that the 130% rental cover required is calculated at the fixed rate. Because the rates are so low most investors will be able to borrow more (up to the 80% maximum loan to value) on these deals than on nearly any other buy to let mortgage, in addition to benefiting from market leading rates. As well as helping purchasers, this also opens the door to borrowers looking to remortgage who have previously found they can only do so by reducing the size of their mortgage.” · 5.35% (6.6% APR) fixed for 2 years for both purchasers and remortgagers
· Remortgage only version fixed at 5.49% (6.6% APR) with free valuation & legals
· Maximum loan to value for both: 80%
A rate of 5.35% (6.6% APR) is available to both purchasers and remortgagers and a specific remortgage option with a free valuation and free legals is available at 5.49% (6.6% APR).
