Following the March LIBOR reset, Mortgage Trust has reduced the rates to enhance its market position.
Mortgage Trust has adjusted its select products, with its three-year discount buy-to-let available at 5.17 per cent. A £499 arrangement fee exists on this 85 per cent loan-to-value (LTV) product, with a 6 per cent early repayment charge (ERC) during the discounted period. The MT Select lifetime tracker buy-to-let product has similarly been reduced, to 5.31 per cent, with a 0.50 per cent arrangement fee.
Its core range of discount and tracker mortgages have also been enhanced, with its two-year discount at 5.23 per cent, with a £599 arrangement fee. Its three-year discount rate, at 5.38 per cent is also available, with a £599 arrangement fee.
The Mortgage Trust Core Range lifetime tracker rates have also been changed, available at 5.73 per cent and 6.08 per cent. Both have a £499 arrangement fee and up to 85 per cent LTV. The minimum loan amount on all products is £30,000.
Austin Jelfs, head of sales at Mortgage Trust, said: “With the recent findings from the Royal Institute of Chartered Surveyors (RICS) and the Council of Mortgage Lenders (CML) both reporting a strong rise in tenant demand, and a renewed confidence in the buy-to-let sector, we are extremely confident that our newly reduced tracker and discount buy-to-let products will prove to be popular.”
Commenting on the 5.31 per cent and the 6.08 per cent buy-to-let lifetime tracker products, Kim Barrett, proprietor at KS Barrett & Associates, said: “Mortgage Trust is looking to compete with the likes of BM with rates such as these, and both seem to be good products.”
