Reduced rates are available for investors and borrowers taking advantage of these new deals will benefit from a rate reduction.
The new product range includes a Lifetime Tracker with initial variable interest of 4.73% (BBR+0.23%), a "3-Year" Tracker with a variable rate of 4.73% (BBR+0.23% until 31/10/08, reverting to SVR), a "3-Year" Discount with a variable rate of 5.04% (SVR-1.46% until 31/10/08, reverting to SVR) and a "5-Year" Fixed with interest of 4.95% fixed until 31/10/08.
All of these competitively-priced products are available for a maximum of 10 properties (£5m max exposure/£500,000 per property), with rental income at 125% of the monthly interest, based on the initial payable rate.
The fixed rate mortgage is subject to an early repayment charge of 5% until 31/10/10, while the same charge applies to both trackers until 31/10/08. An ERC of 3% until 31/10/08 applies to the "3-Year" Discount.
The Fixed Rate and Discount mortgages are subject to an application fee of 1% of the total loan, while an application fee of 1.5% applies to the other two products.
All the mortgages allow up to 10% of capital repayments per year without incurring early repayment charges. The maximum LTV is 80% and they are all available now, exclusively from Derbyshire Intermediary Support on 0845 6075050. Online KFIs are available now at www.is.thederbyshire.co.uk.
Tony Capon, head of intermediary support and development at The Derbyshire, said: "Reducing the rates on our BTL mortgages means that even more borrowers can benefit from cheaper loans to fund their property investments.
"Latest CML figures show that the slowdown in the Buy-to-Let sector has eased and the market significantly expanded during the first six months of the year. We believe the market is extremely robust at the moment and the recent Bank of England base rate cut will bouy-up the sector for the rest of the year.
"These significant enhancements to our Buy-to-Let mortgage range mean even more borrowers will be able to reap the rewards of investing in this market."
