To provide for this increasing demand, Skipton Building Society has today launched a new mortgage for property investors, with an initial interest rate of only 4.75%.
Key Features – Buy-To-Let Mortgage
· 1.34% discount off Society’s buy-to-let variable rate applicable to this product (currently 6.09%) in year one – initial rate 4.75%, then,
0.75% discount in year two – pay rate 5.34%, then,
0.25% discount in year three – pay rate 5.84%, then,
reverts to Society’s buy-to-let variable rate (currently 6.09%)
· Available up to 80% LTV
· Free legal fees for remortgages (£250 cashback in Scotland) through Skipton Home Conveyancing Service
· Flexible benefits – daily interest, overpayments and payment holidays
· £399 completion fee – can be added to the loan
· Early redemption charge of 2% of loan in years one and two, and 1% in year three
· Up to 10% capital repayments allowed each year, without charge, for three years
· Interested borrowers should call 08457 171777 or visit their local branch for further information
Jennifer Holloway, head of media relations, commented, “Despite media warnings to the contrary, buy-to-let activity continues to increase and, with arrears levels only half that of the mainstream home-owner market, there is no reason why this growth will not continue. Our new buy-to-let mortgage has discounts in the first three years and an attractive starting rate, to soften the burden of initial costs, and is ideal for budding property landlords.”
