With a pay rate of 5.39 per cent, this two-year discounted product is available with immediate effect.
Key product details:
Available for unregulated buy-to-let loans only, including portfolios
1.31 per cent discount from Bank Base Rate plus 1.95 per cent until 31 January 2007 giving a current pay rate of 5.39 per cent, followed by Bank Base Rate plus 1.95 per cent for the remaining term of the mortgage.
Maximum advance - 80 per cent
Maximum loan - £3 million
Repayment fee - 5 per cent of capital repaid until 31 January 2007. However, the customer has the facility of repaying up to 10 per cent each year of the balance on which interest is charged without incurring an Early Repayment Fee.
Arrangement fee – 0.60 per cent.
Paul Howard, Portman group intermediary sales, said: "The buy-to-let market remained buoyant during 2004 and looks set to maintain its appeal through 2005 as interest rates appear to be easing. For prospective and current landlords, this exclusive deal will be extremely attractive. The competitive interest rate, coupled with our flexible lending criteria, make this an excellent package. However, I would warn brokers that this is a limited offer and they should move quickly to secure their clients funds."
John Malone, of Premier Mortgage Service, said: "We are delighted to be working with The Mortgage Works in bringing this product to the market. It offers excellent value to buy-to-let customers and will prove extremely popular with mortgage intermediaries".
