The product, which has an initial pay rate of 5.79%, comes with a package of additional benefits including free valuation and either a £300 cashback for purchases or free legals for remortgages.
The product specifications are:
Product type: Buy-to-let, funded by West Bromwich exclusively for Mortgage Next
Rate: 1% discount for 3 years, giving initial pay rate of 5.79% (SVR currently 6.79%)
Rental calculation: 125% at initial pay rate (5.79%)
Benefits: Free valuation (up to £350)
Plus either £300 cashback for purchases, or free legals for remortgages
Max LTV: 80%
Arrangement fee: £595
Early redemption
Charge: 1 months notice (interest to the end of the month)
Higher lending charge: None
Procuration fee: 0.5%
Other features: Interest is charged daily; the mortgage can be transferred if the borrower wishes to buy a new property
Justine Tomlinson, Marketing Director at Mortgage Next said: “This product is ideally suited for landlords who are coming off existing 2 and 3 year discounts and are looking to remortgage onto another competitive product. The discount makes the pay rate very attractive and the package of free valuation and free legals helps to keep remortgaging costs down. What’s more it comes with a very accommodating rental calculation figure and it doesn’t have an onerous redemption penalty. I’m sure this product will prove to be very popular.”
Brokers requiring further information about the exclusive buy-to-let product, or the full range of products and services available from Mortgage Next, can phone 01883 333100 or visit the company’s website at www.mortgagenext.co.uk
