Borrowers taking advantage of these new deals will benefit from a rate reduction of 20 basis points on all the lender's fixed rate BTL products.
Its "3-Year" and "5-Year" BTL mortgages have interest fixed at 5.28% until either September 30 2008 or September 30 2010. The first carries early repayment charges of 4% before 30/09/06, 3% from 01/10/06 to 30/09/07 and 2% from 01/10/07 to 30/09/08, while the "5-Year" deal has ERCs of . 4% on or before 30/09/07, 3% from 01/10/07 to 30/09/08 and 2% from 01/10/08 to 30/09/10.
The application fee for both these loans is £495, are available for a maximum of 10 properties (£500,000 max per property), with rental cover at 125% of the "3-Year" or "5-Year" fixed rate.
The lender is also re-launching a second "3-Year" fixed rate BTL mortgage, with interest fixed at 5.19% until September 30 2008. An application fee of £795 applies, along with early repayment charges of 6% before 30/09/06, 5% from 01/10/06 to 30/09/07 and 4% from 01/10/07 to 30/09/08.
This loan is available for a maximum of 10 properties (£5m max exposure/£500,000 per property) and rental cover is again based on the "3-Year" fixed rate.
All the above mortgages are available through Derbyshire Intermediary Support.
Tony Capon, Head of Intermediary Support and Development at The Derbyshire, said: "Reducing the rates on our fixed rate mortgages means that even more Buy-to-Let borrowers can benefit from cheaper loans to fund their property investments.
"We are confident that the buy-to-let sector will continue to grow this year and the market has become an integral part of our product portfolio. 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."
