The new product is a two-year discounted tracker, catering to investors and developers seeking short-term financial flexibility
Hampshire Trust Bank (HTB) has introduced a new mortgage product named Flex, a tracker mortgage designed with enhanced flexibility for the buy-to-let and semi-commercial sectors.
The product, launching today as a two-year discounted tracker, aims to cater to investors and developers seeking short-term financial flexibility.
The Flex tracker mortgage allows borrowers to sell their property or switch to a fixed-term arrangement within the two-year period without facing early repayment charges (ERCs). This offers three primary options for clients: to benefit from potential reductions in interest rates, to convert to a fixed rate offered by HTB without extra costs, or to sell the property, all while avoiding ERCs during the discount period.
Flex is available for a maximum net loan-to-value (LTV) of 75%, featuring buy-to-let rates starting at 7.8% for Fee Plus, 8.8% for ERC Plus, and 9.3% for ERC Lite. Semi-commercial rates begin at 8% for Fee Plus, 9% for ERC Plus, and 9.5% for ERC Lite.
HTB, which recently announced reductions in its semi-commercial mortgage rates, provides professional investors with specialist BTL and residential investment loans up to £25 million for limited companies, offshore entities, expats, and foreign nationals, as well as mixed use portfolios and semi-commercial properties.
“We’re committed to innovation, and our new flexible mortgage tracker is a bold step forward,” said Chris Daly (pictured), managing director of specialist mortgages at Hampshire Trust Bank.
“Driven by broker feedback and a desire to try something new that will genuinely add value for brokers, we’ve reimagined a conventional tracker to be more flexible. This product will appeal to developers who are happy to tenant new developments, before selling down over time as well as giving existing investors the ability to track, fix or even sell during the initial term depending on their needs.
“The short-term flexibility it offers allows borrowers to adapt to changing personal and market circumstances, recognising that we can’t always accurately predict the future. By empowering investors and developers with better strategic decision-making tools, this tracker enables them to navigate uncertainty, effectively.”
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