This rate is fixed until 3rd September 2007, with an early repayment charge of 6 months interest at the fixed rate during the fixed rate period, after which time, the payment rate will revert to bank base rate plus 1.75 per cent.
The rental yield must cover 130 per cent of the monthly mortgage payment and is calculated at the product rate on an interest only basis, regardless of the repayment method chosen.
Buy-to-let investors may hold unlimited property portfolios, subject to maximum lending of £2,000,000 with Mortgage Express.
Product details
- Funded by: Mortgage Express
- Product: Buy-to-let 5.89% fixed to 03/09/07
- Underlying rate: BBR plus 1.75%
- Max LTV: 85% LTV up to £300,000
75% LTV up to £500,000
70% LTV up to £1,000,000
- Minimum loan: £60,000
- Maximum loan: £1,000,000
- Minimum valuation: £71,600
- Early repayment charges: 6 months interest at the fixed rate until 03/09/07
- Rental Yield: 130% of the monthly mortgage interest payments, calculated at the product rate
- Broker commission: 0.5% (no maximum)
- Arrangement fee: £449
