The loan tracks Bank of England Base Rate plus 1 per cent, making the current rate 5.75 per cent. It comes with a free valuation and free use of the Society’s legal service for remortgages. There is an administration fee of £199, which may be added to the loan at completion.
Karen Wint, head of marketing at L&H, said "Our sales teams have all been telling us that there is real demand for a specific remortgage buy-to-let product. We think this loan offers a great combination of a free valuation and easy-to-use legal service, without having to pay fees up-front. It may be of particular interest to landlords with more than one property.
"The product sits well in the market. With the current view that we are at the peak of the interest rate cycle, it could well mean a reduction in the rate is on the cards in 2005."
