The product is available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.
The product comes with an initial charging rate of 5.95% (Bank Base Rate (BBR) + 0.7%, APR 6.4%) for five years, followed thereafter by BBR + 0.99% for the remainder of the term.
The product also includes the following features:
• Max loan-to-value (LTV): 85%
• Loan size: £30,000 up to £500,000
• Arrangement Fee: £749
• Benefits: free legals on remortgages and a free valuation
• Early Redemption Charge (ERC): none
• Procuration Fee: 0.45%
Justine Tomlinson, marketing director at Mortgage Next, said: “There is no let-up in demand for buy-to-let mortgages. This exclusive five-year tracker from West Brom not only has a highly competitive rate, but also comes with the benefit of no ERCs, free legals on remortgages and a free valuation. It’s bound to be popular with both brokers and borrowers.”
James Taylor, corporate account manager at West Brom for Intermediaries, said: “We’re delighted to be launching this buy-to-let tracker mortgage exclusively via Mortgage Next. Recent increases in swap rates mean that trackers have started to come back into their own and we have seen strong demand for this type of product in recent months.”
