The two deals are a buy-to-let tracker mortgage and a discounted tracker mortgage.
The buy-to-let deal pays interest at the Bank of England’s base rate plus 1.15 per cent for three years, which works out at just 5.15 per cent. At the end of the discounted period, the rate reverts to base rate plus 1.75 per cent.
The maximum loan is 85 per cent of the property value and there are no redemption penalties or compulsory insurance tie-ins. Customers may buy up to ten properties, up to a maximum of £1million in advances.
The rate the discounted tracker mortgage is set at 0.05 per cent below the BBR for one-year, which gives an initial rate of 3.95 per cent. The deal is available for homebuyers and remortgagors.
At the end of the period, the rate reverts to BBR plus 1.2 per cent. The
maximum loan is 90 per cent of the property value. There are no redemption penalties apply or compulsory insurance tie-ins.
William Hammond, managing director of finance4professionals said: "These great deals really prove the bargaining power that such a low risk group of professionals can exert collectively. Added to the low base rates which we currently have, these have to be the cheapest loans around. We expect to be able to announce further deals soon."
