Following the success of its self-certification and sub-prime ranges, Salt’s latest announcement further enhances their product diversity within the market, offering a '3-year' fixed rate buy-to-let at 5.60% and a '3 year' Bank Base Rate buy-to-let tracker at 5.75%.
These specialist products have been developed by the team behind The Derbyshire's ‘Intermediary Support’ brand.
Salt’s new buy-to-let range offers rates at up to 90 per cent LTV with affordable rental cover requirements of just 115%, based on the initial payable rate of the product. The range has a minimum age of 25 with no upper age limit and is set to appeal to established landlords with existing portfolios.
Landlords won’t pay a booking fee, but an arrangement fee of 2 per cent of the advance is applicable which can be added to the mortgage, provided it doesn’t exceed the 90 per cent LTV.
Salt has set a £2m limit on portfolios, but has no upper limit on the number of mortgaged properties with other lenders. Its maximum loan for buy-to-lets is £300k per property, although a higher figure of £500k applies for London and some South East England postcodes. Single loan or multiple property applications up to the maximum amount are also welcome.
Applications are available through the direct-to-broker route by logging on to www.saltfinance.co.uk where online DIPs and full applications can be made for single property applications. Forms can also be downloaded for brokers who prefer this option.
Tony Capon, Salt’s head of retail sales, Said: “These niche products are aimed at existing landlords who already have a minimum of three residential investment properties held for a minimum of six months and represent excellent value within the current marketplace. The 115% rental cover at pay rate and LTV up to 90% make them particularly attractive.
”We also continue to offer buy-to-let products through our Intermediary Support brand including our unique Swiss Franc LIBOR trackers with rates starting at 4.67%, with a maximum exposure of £5m exposure across The Derbyshire Group.”
