Until now N&P’s scheme had only been available to a small number of mortgage brokers as an exclusive product but is now aimed at a wider customer range.
The interest rate is 0.85 per cent or 0.95 per cent over Bank Base Rate tracker which is guaranteed for the life of the loan with no early repayment charges. The LTV on the BBR plus 0.85 per cent is up to 70 per cent and up to 75 per cent on the BBR plus 0.95 per cent.
The minimum term is five years with a maximum of 25 years (subject to not exceeding the age of 70 after mortgage term). The arrangement fee is 0.5 per cent of the loan added to the advance.
Stephen Penlington, N&P’s general manager for customer service, said: “We adopted a very conservative approach to launching a buy-to-let mortgage. Its been extensively piloted with a small number of brokers, who have helped us to develop a tailored service for buy-to-let landlords.
“As a building society we are quite naturally cautious about lending in areas that might be thought more risky but we are keen to develop new products and services as they are needed by our customers. Now we know the market, and that the product is just right, we are ready to launch it to a wider audience.”
Gordon Steyn, mortgage operations director at Thinc, said: “It is little wonder N&P has expanded, buy-to-let is still a very attractive proposition for the professional landlord.”
