The product has a maximum loan-to-value (LTV) of 85%, offers 100% to 110% rental coverage, and will accept 15% builders deposit on three properties out of the maximum 10 properties allowed per borrower.
The loan tracks the Bank Base Rate at + 0.99% up to 75% LTV (current pay rate 5.99%) and at +1.24% up to 85% LTV (current pay rate 6.24%), and is available to first-time buyers and subsequent buyers. Should there be any shortfall in the rental multiplier, then an affordability calculator is available on Complete’s website that calculates affordability on the basis of rental income plus personal income.
The maximum advance is £500,000, the completion fee is 1% and can be added to the loan, early repayment charges are 7% in year one and 6% in year two, and there are no higher lending charges.
Tristan Pile, Complete’s head of sales and marketing, commented: “As the Professional Mortgage Packers Association (PMPA)’s own lender, Unity Homeloans has a great insight into the sort of products that brokers are seeking via packagers. Acceptance of a 15% builder’s deposit is a relative rarity in the market, as is 100% rental coverage so this two year tracker fills a very desirable niche. With competitive rates, low rental multipliers and no higher lending charge we expect demand for the Unity prime buy-to-let tracker to be very brisk.”
