The product runs until 31 August 2009 and will be available exclusively through brokers for purchases and remortgages. There is a maximum loan-to-value (LTV) of 75 per cent and the loan is available as a repayment or interest only option.
For those wishing to remortgage, the product has a free valuation and access to discounted legal fees. Once the deal period ends, the rate will revert to a 0.50 per cent discount of the BTL standard variable rate.
It has early repayment charges of 3 per cent for the term, with a completion fee of £599 and a reservation fee of £150.
Paul Chafer, sales director at Stroud & Swindon, said: “With BTL experiencing substantial growth, we are delighted to be expanding our offering to include this two-year fixed deal. We hope this competitive mortgage will offer our customers the security of knowing exactly what their rental income should be over the next two years.”
Rod Murdison, proprietor of Murdison & Browning, commented: “The great thing is that the product doesn’t have a ludicrous arrangement fee. That has been a stumbling block recently. £599 sounds like a fee you wouldn’t be embarrassed to tell the client about. The rate is good and the free valuation and discount legals are an advantage.”
