The products have no extended ties and full flexibility, and are available to a range of investors including limited companies. The deals carry a rental income calculation requirement of 125 per cent of a 5 per cent reference rate.
MT’s one-year fix is 5.05 per cent and its three-year deal is 5.35 per cent reverting to 3m LIBOR plus 1.75 per cent. The arrangement fee is £599, and the maximum LTV is 85 per cent. An ERC of 6 per cent is applicable during the fixed period. The minimum loan amount is £30,000.
Its two-year discount has a 1.10 per cent discount from 3m LIBOR plus 1.75 per cent, reverting to LIBOR plus 1.75 per cent, and its three-year deal has a discount of 0.95 per cent. The arrangement fee is £599 and ERCs are applicable during the discounted period. The LTV is 85 per cent and the minimum loan is £30,000.
MTs 5.74 per cent lifetime tracker is at 3m LIBOR plus 1.15 per cent. An ERC of 6 per cent is applicable for 24 months. The 6.09 per cent tracker is 3m LIBOR plus 1.50 per cent while an arrangement fee of £499 is payable with no ERC. The minimum loan is £30,000 and the LTV is 85 per cent.
Austin Jelfs, head of sales at MT, said: “These products provide low rates to investors with a whole range of needs, from those who wish to utilise the benefits of flexibility to those who prefer to hold properties in limited companies.”
Scott Richford, product marketing at Mortgage Talk, said: “The rental assessment change means clients can borrow more, although other lenders do this if a client takes a particular product or pays a higher arrangement fee.”
