The product will be available exclusively via members of the Mortgage Next network and directly authorised (DA) brokers registered with Mortgage Next Partners.
The product rate is 5.95 per cent for five years, followed thereafter by Bank Base Rate (BBR) plus 0.99 per cent for the remainder of the term.
Product features include a maximum loan-to-value (LTV) of 85 per cent on loans from £30,000 to £500,000; free legals on remortgages; free valuation, £749 arrangement fee; no early redemption charges (ERC) and a proc fee of 0.45 per cent.
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, added: “We’re delighted to be launching this BTL tracker mortgage exclusively via Mortgage Next.”
Taylor explained that recent increases in swap rates has led to trackers returning to popularity, with West Brom having seen strong demand for this type of product in recent months.
Anthony Badaloo, manager at Church Hill Finance, commented: “For a five-year BTL tracker, this seems like a competitive package. It is refreshing to see a product with no ERCs, and free legals on BTL remortgages are rare. It is also good to see free valuations, as so many BTLs are found not to be viable after the valuation and the customer ends up wasting their money.”
