The lender has launched an almost prime two-year fixed rate and a buy-to-let (BTL) three-year fixed rate.
The two-year fixed rate mortgage is available from 5.79 per cent, up to 90 per cent loan-to-value (LTV). An arrangement fee of £695 exists on the product, and it has early repayment charges (ERC) of 6 per cent fixed until 2009. A maximum loan of £500,000 applies to the product at 75 per cent LTV.
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The three-year BTL product is available up to 85 per cent LTV with a rate of 5.49 per cent. An arrangement fee of 1.50 per cent can be added to the loan, with rental calculation available at 110 or 125 per cent. Free legal fees for remortgages also exist on the products, with an ERC set at 5 per cent fixed until 2010.
Announcing the products, Richard Stokes, head of product and lender development at Mortgage Times, commented: “Higher than expected inflation figures have made lenders rethink their current offerings. These latest exclusive Platform products that dovetail into our core markets are secured on a tranche bought a few weeks ago so are under no immediate pressure to be withdrawn and therefore are going to become by default even more attractive in the foreseeable future.”
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James Cotton, mortgage specialist at London & Country, said: “The deal looks to be reasonable. This is not far off of prime deals, and the arrangement fee is definitely manageable.”
