Mortgage Next reveals BTL tracker

Product features include:

Rate: 5.99% (Bank Base Rate (BBR) + 0.24%) for 3 years

Reversion rate: UCB Investment flexible variable rate

Max Loan:

• £600,000 up to 75% loan-to-value (LTV)
• £500,000 up to 80% LTV
• £350,000 up to 85% LTV

Rental calculation: 110% of the monthly mortgage payment at BBR+1%

• or 4+1 or 3.25 x joint income + 6.5 x annual rental income

Max properties: 10, up to a maximum aggregate loan of £3 million

ERC: 5% during the first 3 years

Arrangement fee: £695

Benefits: free valuation fee for purchase and remortgage

Justine Tomlinson, marketing director at Mortgage Next, said: “Buy-to-let investment continues to be popular option, with demand for rental property holding up well. This flexible tracker product offers not just a highly competitive rate but also a choice of rental calculation and the ability to hold up to 10 properties worth a total of £10 million with UCB. I have no doubt it will be popular with both brokers and borrowers.”