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 4.78% fixed until 31-3-2008, followed thereafter by LIBOR + 1.95% for the remainder of the loan.
The product has the following features:
• Early Redemption Charge: 6% until 31-3-2008
• Arrangement Fee: £799
• Max loan-to-value (LTV): 85%
• Minimum Loan: £30,000
• Procuation Fee: 0.50%
Justine Tomlinson, marketing director at Mortgage Next, said: “A combination of an undersupply of housing, high house prices relative to incomes and high levels of immigration mean that there continues to be significant demand for rented accommodation. This exclusive fixed rate buy-to-let mortgage provides borrowers with the certainty of a fixed rate for an initial twelve moth period and I have no doubt it will prove to be popular with prospective landlords.”
