The group is to offer the pilot product to the industry exclusively for one month beginning in early June. This first step into BTL by Advantage sees the lender offer 90 per cent loan-to-value (LTV) with 100 per cent rental cover. A maximum of 10 properties are permitted with portfolios of up to £5 million and the product also includes a flexible rate option.
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There is no restriction in Northern Ireland, with free valuations up to £800,000 property value and £499 to £1.5 million property value.
Richard Stokes, director of product and lender development at The Mortgage Times Group, said: “The line-up looks good, and we hope that our significant distribution channels will enable a fruitful relationship to develop with Advantage’s new BTL offering.”
Jeremy Duncombe, business development director at Advantage, added: “We are delighted to be launching an exclusive BTL product with The Mortgage Times Group. It is one of the leading players in the UK mortgage field and this is the next part of our innovative product range to be launched into the marketplace. This partnership demonstrates our continued appetite to work with packagers and distributors, and supports the strong demand for BTL products.”
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Lee Grandin, managing director of Landlord Mortgages, said: “This is of more interest to unprofessional landlords, but it is dangerous to sell to them as there is no threshold on the rate. 90 per cent LTV is commonplace these days and if landlords are not getting the rental return it may not be that popular.”
