The product has the following features:
• Rate: Three-year 1.61 per cent discount off Bank Base Rate - current charge rate 5.13 per cent
• Reversion rate: BBR plus 1.99 per cent (currently 6.74 per cent)
• Max loan-to-value (LTV): 85 per cent
• Incentive: Free legal fees for remortgages, via Freedom’s appointed solicitor
• Rental calculation: Rental income must cover the interest payment at 125 per cent calculated using the pay rate
• Early repayment charge: 6 per cent of the amount repaid during the discount period. One month’s notice or 1 per cent thereafter
• Completion fee: 1 per cent of the advance
• Higher lending charge: None
• Procuration fee: 0.50 per cent
Colin Snowdon, chief executive of Freedom Lending, said: “This is currently the market leading discounted buy to let mortgage to 85 per cent LTV. Not only does this product have a great tracker rate, but it also offers free legals on all remortgages. This is a great deal which I’m sure will be popular with AMPD members and their clients.”
John Mawdsley, spokesperson for AMPD, said: “The buy-to-let market remains strong and this product is bound to be a hit with landlords. Freedom Lending not only offers highly competitive mortgage deals, but supports them with a first class service which is popular with our members.”
