The two-year House to House tracker starts at 6.09 per cent and is aimed at clients whose rental income is restricted but have sufficient income to cover the loan.
Dev Malle, director of mortgage distribution at PTFS, said: “The House to House remains a sensible alternative for BTL clients where the rental calculation is under pressure. Ultimately the test of affordability is what’s used. At a rate of 6.09 per cent, with no early repayment charges, this is a cracking BTL product in the current market. Early response has been strong and I expect it
to continue.”
The product has an arrangement fee of £1,199, which can be added to the loan. It is also available to clients looking to acquire their first BTL property, as well as properties brought at auction. There is also a self-cert option.
Nigel Payne, managing director at TMB, commented: “The benefit of working with PTFS and Mortgagebox is that they provide strong distribution with constructive input into exclusives from their members. The House to House product remains a key part of our product strategy and the increase from two to three properties will make it even more appealing for PTFS members.”
Michael Brill, director at Baronworth Investment Services, said: “There is nothing better then this at that level of rental income but I feel you pay too much in the rate for the facility. Also, if the rental income is so low, I would question if it is a good investment.”
