Specifically targeting individuals looking to use their own homes or buy-to-let portfolios as security, Tiuta Secured will initially offer SLS clients a 3-year prime loan fixed at 12.9%, or near-prime loan fixed at 14.9%. Prime borrowers will be able to secure up to 75% loan-to-value (LTV) up to a maximum of £500,000 (maximum £100,000 on near prime). There are low early redemption charges, providing flexibility to redeem within the term.
The new product has some exclusive features that will make it particularly attractive to borrowers using buy-to-let portfolios as security. Existing, and often very favourable, first-charge mortgages can therefore remain in place, which often proves much cheaper than remortgaging.
Gary Booth, CEO at Tiuta, said: “Tiuta has been working with SLS on a number of innovative products and what impresses us most is their dedication to serving the market and their customers. Rob Jupp and his team have shown a passion for innovation and professionalism that mirrors our own and the confidence to launch products that break the mould in the current market.’
Melanie Bien, director and spokesperson for SLS, said: “Borrowers are crying out for a product like this offering a very competitive fixed rate with the flexibility of low early redemption charges. We are certain Tiuta Secured will be an immediate success with brokers and their clients.”
