There is a choice of two three-year fixed rates for buy-to-let (BTL) customers, both available to 85 per cent and with 100 per cent rental cover at pay rate.
The first is a fixed rate of 6.19 per cent, with an arrangement fee of 1 per cent that can be added to the loan. The alternative is a fixed rate of 5.95 per cent with an arrangement fee of 2 per cent that can be added to the loan. The maximum loan amount is £500,000.
The exclusive self cert fixed rates are 5.95 per cent to 85 per cent LTV and 6.15 per cent to 90 per cent LTV and an arrangement fee of 2 per cent applies that can be added to the loan. These products are available to employed, self employed and first time buyer, to a maximum loan amount of £500,000.
Early repayment charges of 5 per cent apply during the period of the fixed rate and no higher lending charges are applied. All options are fixed to 31 January 2011.
Helen Hymos, PMPA’s lender relationship manager, commented: “We are very pleased to be offering these new exclusives via our member distributors, at a time when so many products are being withdrawn.
"There is very little self-cert employed for first-time buyers or 90 per cent self-cert in the market now and, with the arrangement fee able to be added, this will help on rate and keep the monthly payments lower.
"Hopefully, there will be sufficient appreciation in house prices over the three-year term to cover the arrangement fee. Bristol & West has a very robust scoring system and they understand self-cert well, and a successful AIP pass should proceed speedily to offer with few other requirements.”
