The first is priced at Bank Base Rate plus 0.44 per cent for three years with an arrangement fee of £695, available up to 85 per cent loan-to-value (LTV). It also has an early repayment charge of 6 per cent during the initial three years and no higher lending charge.
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Meanwhile, the second product is a House Plus two-year tracker priced at Base Rate plus 0.79 per cent. This has an arrangement fee of £795 and is available up to 85 per cent LTV. No rental income calculation is required on the product and the monthly cost of the client’s existing residential mortgage is assumed to be 7 per cent per annum.
Sally Laker, managing director of Mortgage Intelligence, commented: “These new buy-to-let exclusives are an excellent addition to our exclusive product range, offering competitive rates with flexible criteria and great incentives. I am confident that our members will find this new product range of great value to their clients.”
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Richard Beardshaw, head of sales at Platform, added: “The competitive attributes of these products will prove hugely beneficial to their database of brokers and allows us to satisfy our aim of offering excellent value to customers.”
Jason Richardson, director at YooToo Financial Services, said: “It is competitive on rates and fees, which is important as many clients are now baulking at 1 and 1.5 per cent arrangement fees. The free valuation is also good, while the no rental income calculation is important as making the rent work is getting to be a struggle for many.”
