The products have the following features:
• Rate – both two- and three-year trackers are available at 5.48% (Bank Base Rate (BBR) + 0.23%) to 85% loan-to-value (LTV) and 5.78% (BBR + 0.53%) to 90% LTV
• Reversion rate – BBR + 1.99% (currently 7.24%) to 85% LTV & BBR + 2.19% (currently 7.44%) to 90% LTV
• Rental Calculation - 120% based on product pay rate
• Maximum loan - £1 million to 75% LTV, £500,000 to 80% LTV, £400,000 to 85% LTV and £300,000 to 90% LTV
• Early repayment charges – no overhanging ERCs
• Completion fee – 1.50%
• Procuration fee - 0.50%
Marketing director Mel Dring said: “These two- and three-year tracker rates on buy-to-let deals calculated at 120% rental coverage are some of the cheapest available. We anticipate that the three-year tracker will be particularly popular.
“This announcement is our third buy-to-let product in the last two weeks. Following our acquisition by Merrill Lynch last year, we have been eager to sharpen our products wherever possible and we believe these enhancements now position Freedom Lending as one of the most competitive buy-to-let lenders in the market.”
