This product is available to UK based borrowers who are investing in or remortgaging a rental property.
Key Features of the product include:
· Discount of 1.46 per cent for two years (Product Variable Rate = Bank of England base rate + 1.75 per cent)
· Current pay rate of 4.79 per cent after discount
· Available for up to 85 per cent loan to value
· Early repayment charge of 5 per cent in the first two years
· 1.5 per cent completion fee
· £50,000 minimum loan
· The overall cost for comparison is 6.5 per cent APR
Andrew Moss, buy-to-let product development manager, said: “This is our first two-year product which has been launched to offer borrowers a competitive rate with no extended redemption penalties. As the buy-to-let sector grows and matures, more and more investors are looking for the flexibility a shorter deal offers and we have now responded to their needs.”
