The range which is exclusively available through MT Select packager members, includes a stepped fixed rate product, a Bank Base Rate tracker and a two-year fix. All products are available up to 85 per cent loan to value (LTV) and have a rental income calculation based on 125 per cent of product rate.
The MT Select buy-to-let product range is as follows:
- 4.77 per cent two-year stepped fixed rate
• 4.77 per cent fixed until 31 December 2007
• 5.27 per cent fixed until 31 December 2008
• 85 per cent LTV
• rental income assessed on 125 per cent of initial product rate
• 1 per cent arrangement fee
• no overhanging ERC
- 4.99 per cent two-year Bank Base Rate tracker product
• tracks Bank Base Rate + 0.24 per cent for two years from completion
• 85 per cent LTV
• rental income assessed on 125 per cent of product rate
• flat £699 arrangement fee
• no ERC beyond initial two-year period
- 5.25 per cent two-year fixed rate product
• fixed until 31 December 2008
• 85 per cent LTV
• rental income assessed on 125 per cent of product rate
• flat £699 arrangement fee
• no overhanging ERC
Austin Jelfs, head of sales at Mortgage Trust, commented: “We are very pleased to be launching a new range of MT Select products which are both innovative and competitive. For the first time we are able to offer a product which tracks Bank Base Rate instead of three-month LIBOR, and, at an interest rate of 4.99 per cent we are sure that our MT Select packager members will support this development. Our fixed rate offerings are also very strong, and with MT Select’s straightforward criteria requirements we are able to offer a streamlined finance option providing simplicity and value for money.”
