Funded by West Brom for Intermediaries the product is available at 5.95 per cent for five years, before reverting to Bank Base Rate plus 0.99 per cent.
The product has a maximum loan-to-value of 85 per cent, with an arrangement fee of £749. Loans from £30,000 to £500,000 are allowed, with a proc fee set at 0.49 per cent. Free legals on remortgages exist, with free valuations on purchases and remortgages. The product also has no early redemption charge (ERC). It is available exclusively through the Mortgage Next Network and is also available to directly authorised brokers registered with Mortgage Next Partners.
Commenting on the product’s launch, Justine Tomlinson, marketing director at Mortgage Next, said: “There is no let-up in demand for BTL mortgages. This exclusive five-year tracker from West Brom not only has a competitive rate, but also comes with the benefit of no ERC’s, 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, added: “Recent increases in swap rates mean that tracker mortgages have started to come back into their own and we have seen strong demand for this type of product in recent months.”
Peter O’Donovan, mortgage manager at Bestinvest, said: “That there are no ERCs is the most attractive part of the product. There are other trackers available with similar rates.”
