It is the first exclusive to be offered to Mortgage Intelligence members by the panel newcomer.
Designed for holiday lets only, it has flexibility with an overpay of 20 per cent per annum without penalty and underpayments and payment holidays both permitted.
Other details are:
- 4.99 per cent - Bank Base rate (BBR) + 0.49 per cent for two years
- Reverts to BBR + 1.49 per cent for remaining term
- Arrangement fee - £695
- Max loan to value (LTV) 80 per cent - Minimum property valuation £150,000
- Early repayment charges - 3 per cent in year one, 2 per cent in year two
- Rental calculation - 150 per cent at payrate
Sally Laker, managing director of Mortgage Intelligence, said: “MI is constantly looking for niche areas of the market and our new holiday buy-to-let exclusive with Scarborough Building Society gives our members the opportunity to offer a tailored product which meets their clients needs.”
Simon Evans, relationship manager at Scarborough Building Society, said: “We are delighted to have Mortgage Intelligence as one of our key accounts. As one of the major mortgage networks they are keen to offer a wide range of solutions to their members and we believe our new exclusive product helps them achieve this.”
