The three-year self-cert fixed rate (to 30 June 2010) starts from 6.19% at 75% LTV, with a 1% arrangement fee. An option that includes a free valuation for purchases and remortgages, plus free legals for remortgages via the lender’s solicitor starts from 6.29% at 75% LTV. Early repayment charges on the three-year fixed rate are 3% to 30 June 2010.
The five year self-cert fixed rate (to 30 June 2012) starts from 6.15% at 75% LTV and has an arrangement fee of 1%. Early repayment charges are 5% to 30 June 2012. All of the new fixed rates have a 10% overpayment feature and some are available to 90% LTV with no higher lending charge.
The new exclusive three year buy-to-let fixed rates are fixed to 31 July 2010 and the rates are 6.15%, with a 6.55% option with free valuation for purchases and remortgages, plus free legals for remortgages via the lender’s solicitor.
The five-year exclusive buy to let fixed rate is fixed at 6.35% to 31 July 2012 and also has free valuation for purchases and remortgages, plus fee legals for remortgages. A maximum LTV of 85% applies across all options, with the higher lending charge being paid by Bristol & West Mortgages. There is also an arrangement fee of £999. These products also offer a 10% overpayment feature and the rental calculation is 100% x the pay rate.
Helen Hymos, PMPA’s lender liaison manager, said: “With continued speculation about base rate rises, many self-cert and buy-to-let borrowers may be looking for the peace of mind that a fixed rate will bring. The five-year fixed rate options may be attractive for those worried about interest rate rises and rumours of recession. The fee-free options offer such remortgaging borrowers a very attractive package. Rates are very competitive when viewed alongside the fees, and compare well with similar products in the marketplace, so early application is advisable as there is limited availability on all these new exclusive products.”
Deirdre McManus, head of sales at Bristol and West, said: “As we continue to work in partnership with PMPA we are delighted to be able to offer a selection of rates available to all members to offer to their clients, enabling choice across both buy-to-let and self-cert ranges.”
