Available from 5.39 per cent and fixed until March 2009, the deal includes fee assistance and is available up to 85 per cent loan-to-value. Free valuation, up to £800,000 of the property value is also offered, with the product incorporating £250 cashback on purchases, supplied by Mortgage Times. A procuration fee of 0.50 per cent exists on the product, with free conveyancing supplied by London & European and paid by Mortgage Times on remortgage cases.
Commenting on the offer, Richard Stokes, director of product and lender development at Mortgage Times, said: “We have sky high hopes for this latest Mortgage Trust exclusive as it combines the important ingredients of a competitive fixed rate with relatively low set up costs.”
Austin Jelfs, head of sales at Mortgage Trust, added: “We are certain that BTL borrowers will want to take advantage of the free valuation and cash-back offers while at the same time utilising the attractive product interest rate.”
Mike Pendergast, IFA at Zen Financial, admitted the product would appeal to borrowers. He said: “Fee assistance is rare on BTL products and the deal looks good. The interest rate is also reasonably good as well.”
