The rate is 5.35% fixed until 3/9/2013; there is a £399 completion fee and the minimum loan is £50,000.
Commenting on the product, Roger Hillier, product manager, said: “It's the only 10-year fixed rate in the buy-to-let market and we believe the time is right to give our customers the opportunity to stabilise their outgoings. Recent CML research backs up our view that property investors are becoming more sophisticated and take a long-term view of their investments. Buying to let is now a viable alternative to traditional investments, given the volatility of the stock market and the fact that pension arrangements can no longer be relied on to provide a liveable return. This kind of fixed rate will allow investors to plan for the future of their portfolios, knowing that they won't be subject to the inevitable base rate fluctuations which will occur over the next ten years.”
Mortgage Express' flexible payment facility, Choices, also helps property investors to manage their outgoings. Even on this long-term fixed rate, they can overpay up to twice their monthly mortgage payment to build up a fund, then use it to underpay, take a payment holiday or even take the cash - particularly useful to cover void periods or property repairs.
