Aimed at the professional landlord market, the exclusive three-year discount is available from 5.89 per cent, has no early repayment charge (ERC) and includes a completion fee of 1 per cent.
Richard Stokes, director of product and lender development at The Mortgage Times Group, said: “The product is aimed directly at the professional landlords as it includes a drawdown option and can facilitate the refinance of bridging loans. The rate is competitive when compared to similar ones that boast the key feature of no ERC.”
Gus Park, head of BTL at Mortgage Express, added: “The BTL market remains buoyant, with our recent survey revealing 95 per cent of investors are looking to either maintain their current portfolio or expand it over the next six months. We’re delighted to offer this exclusive through The Mortgage Times Group, in response to demand for such a product from its apopointed representatives.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, said: “ The fee is cheap, but most people are in the BTL market as a business, and so should be steering towards fixed rates, so they know exactly how much they are paying for the next two or three years. In the BTL market it is important to make the costs fit in with exactly what the borrower can afford because of the pressure of rent.”
