Three fixed rate products have been introduced to the MT Select range. The first of these is a 2-year stepped fixed rate product, with a rate of 4.95% fixed until 31 May 2008, followed by a rate of 5.95% fixed until 31 May 2009. The second is fixed at 4.55%, until 31 May 2008 with a rental income calculation based on 125% of the initial product rate (4.55%). The third rate is priced at 5.59%, until 31 May 2009.
MT Select products have streamlined criteria requirements and are available exclusively through the MT Select packager panel.
The MT Select buy-to-let fixed rate products are:
4.95% 2-year Stepped Fixed rate
· 4.95% fixed until 31 May 2008
· 5.95% fixed until 31 May 2009
· 85% loan-to-value (LTV)
· Rental income assessed on 125% of initial product rate (4.95%)
· 1% arrangement fee (capped at £1,500)
4.55% 1-year fixed rate product
· Fixed until 31 May 2008
· 85% LTV
· Rental income assessed on 125% of initial product rate (4.55%)
· 1.5% arrangement fee
5.59% 2-year Fixed rate product
· Fixed until 31 May 2009
· 85% LTV
· Rental income assessed on 125% of initial product rate (5.59%)
· Flat £799 arrangement fee
Mortgage Trust has also launched two core range fixed rate products. Mortgage Trust core range provide specialist buy-to-let funding solutions. The first of the core range products, priced at 5.39%, is fixed until 31 May 2008 and has an arrangement fee of £699, whilst the second is priced at 5.99% and fixed until 31 May 2010. Both products have no overhanging early redemption penalties, and are available to limited companies and expatriates. Rental Income calculation is based on 125% of the group reference rate (currently 5%).
Details of the new core range fixed rate products are:
5.39% Buy-to-let Fixed
· 5.39% fixed until 31 May 2008
· Flat £699 arrangement fee
· 85% LTV
· Rental income assessed on 125% of 5% reference rate
· Available to Limited Companies and Expatriates
5.99% Buy-to-let Fixed
· 5.99% fixed until 31 May 2010
· £899 arrangement fee
· 85% LTV
· rental income assessed on 125% of 5% reference rate
· Flexible
· Available to Limited Companies and Expatriates
Austin Jelfs, head of sales at Mortgage Trust, commented: “We are very pleased to be launching a variety of fixed rate buy-to-let products. With further interest rate rises expected and tenant demand set to remain strong, we are giving borrowers the option of fixing rates for the short or medium term, and are offering competitive rates and favourable rental income calculation requirements.”
