Three of these are offered on its Self-Certification and Semi-Commercial mortgages range and the remainder as part of its Status mortgages selection. Interest rates start from 5.85% (the overall cost for comparison is from 6.0%). In addition, the lender has introduced new fixed rates for Status, Buy to Let, Self-Certification and Semi-Commercial mortgages, with interest rates from 4.49% (the overall cost for comparison is from 6.1%).
Colin Stevens, head of mortgage lending said:
‘We have offered LIBOR-linked mortgages on our Buy to Let range for eighteen months and these have proved very popular with borrowers who wish to peg their borrowing against money market rates instead of UK base rates. We have now extended this range to our Self-Certification, Semi-Commercial and Status mortgages. Our new range of fixed interest rates takes rates to our lowest ever level of 4.49%, with, in some cases, no arrangement fee other than a flat £399 completion charge.’
The interest rates available vary according to the loan to value required. LIBOR-linked Status mortgages have an arrangement fee of 0.4% of the advance, while for Self-Certification and Semi-Commercial loans, the arrangement fee is 0.5%. There is no arrangement fee on fixed rates for standard Status mortgages. Heritable Bank offers Self-Certification mortgages up to 85% loan to value, Semi-Commercial loans to 80% and Status mortgages to 90%. The Bank also provides Buy to Let mortgages up to 85% and specialises in Portfolio Buy to Let, where the maximum loan is £5 million. Buy to Let mortgages are available to expatriates, foreign nationals and limited companies.
