The buy-to-Let two-year fixed rate mortgage is priced at an attractive rate of 5.44% and is available with immediate effect to Mortgage Intelligence members.
Product Details:
- Available for un-regulated buy-to-let loans only, including portfolios
- 5.44% fixed until 31/01/07. Followed by Bank Base Rate + 1.95% for the remaining term of the mortgage.
- Maximum Advance - 80% ltv
- Maximum Loan - £3m
- Repayment Fee - 5% of capital repaid until 31/01/07. However, the customer has the facility of repaying up to 10% each year of the balance on which interest is charged without incurring an Early Repayment Fee
- Arrangement fee – 0.50% (min £395)
- Rental calculation - 125% at 80% ltv, 120% at 75% ltv, 100% at 65% ltv and non-status at 50% ltv. Based on a rate of 5.99%.
Commenting on the exclusive, Paul Howard, Portman Group Intermediary Sales said, "This exceedingly well priced product, supported by our unique lending criteria, makes a compelling deal for all landlords. We are delighted to be distributing the product exclusively via Mortgage Intelligence and are confident it will prove attractive with intermediaries and their clients."
Sally Laker Managing Director of Mortgage Intelligence reports, “ This product is exactly what we need to kick start the New Year buy-to-let market. There has been a demand from our members for a 2 year attractive fixed rate deal with no overhang and The Mortgage Works have priced this at a very attractive rate. Many mortgage pundits have been predicting that lenders will launch attractive deals in January and this is just the kind of product that our 4500 members have been waiting for.”
