THE NEW MORTGAGE RANGE INCLUDES:
- Fixed rates from 3.75%
- Discounted rates from 3.59% (pay rate)
- Tracker rate with no redemption penalties
- Remortgage rates from 3.95% with FREE valuation
- The new range is available from 13 October 2003
Commenting on the changes, Associate Director, Paul Howard said, "Our new mortgage range is extremely competitive and in addition to this we are offering a really different approach to lending. Landlords can expect very professional terms with a flexible and simplistic lending criteria. In certain circumstances, we are able to lend over 100% of the purchase price of an additional new property, assisting landlords to build their property portfolio.
"Sun Bank is looking to significantly grow its Buy-to-Let business so, as a key player in the specialist mortgage market, we have structured our products around different types of landlord, giving specific tailored benefits to each group.
"These benefits are combined with a choice of 'top of the market' rates on either fixed or discount terms and with the choice of extended penalties or penalties in term. This is an excellent opportunity for landlords to build on their current portfolio, re-finance to a better rate or simply get into the Buy-to-Let market".
NEW LENDING CRITERIA:
Multi Property Investors (Borrowers who have a portfolio of two or more properties)
- Capital to purchase or remortgage can be raised by evaluating a borrower's entire portfolio on an 'aggregate' basis rather than considering individual properties (two or more properties)
- Available for single property purchase or remortgage where other additional investment property ownership can be proven
- Up to 80% LTV
- Minimum rental income ratio: 130% of Bank Base Rate (BBR) +1.95% on an interest only basis
Single Property Landlords (Borrowers who are not seeking to expand their portfolio but may be looking to remortgage)
- Exclusive 'Best Buy' remortgage products, which include FREE valuation
- Higher equity equates to a lower rental income ratio required
- Minimum income ratio determined by required LTV
First Time Buyers (Purchase only)
- Up to 75% LTV
- Minimum rental income ratio: 130% of BBR +1.95% on an interest only basis
- Minimum income: £40,000 proven with 3 months payslips/2 years accounts
