The mortgage, which is a Bank of England Base Rate (BOEBR) tracker, includes the following features:
- Interest rate: BOEBR + 1.35% for the life of the loan (current charge rate is 5.6%)
- No redemption penalties
- Income multiple: rental income required at 130% at the product pay rate (Arrangement fee of £395 and HPA fee charged from 75%LTV @6.95% (both can be added to the loan)
- Maximum LTV of 85% for loans to £300,000, or 75% for loans to £500,000
- Employed or self-employed applicants
- Minimum loan £25,001 maximum loan £1 million
- Broker commission: 0.5%
- Direct submission to lender
Justine Tomlinson, Mortgage Next Marketing Director, said: “This product offers the benefits of a competitive rate, no redemption penalties and a rental calculation which is set at 130% at the product pay rate. This combination of features is sure to make this product popular with both landlords and brokers, who can submit applications direct to Platform, which has an excellent reputation for providing a reliable service. ”
Brokers requiring further information about the new buy-to-let product, or any other products and services available for Mortgage Next, can phone 01883 333100 or visit the company’s website at www.mortgagenext.co.uk
