The near prime BTL product range includes a three-year discount as well as two and three-year fixed options. Highlights of the range include a rental yield calculated at 110 per cent of the Interest Only Reversionary rate confirmed by an Association of Residential Letting Agents (ARLA) registered estate agent. Rates start at 6.22 per cent with no Early Repayment Charge overhangs.
The prime self-cert BTL product, known as ‘Self-Cert to Let, allows clients to use their self-certified income to confirm affordability instead of a rental yield calculation on the investment property.
Kevin Hillgren, CEO of Victoria Mortgages, explained: “The Victoria BTL ranges have been developed with solutions in mind. The near prime products support fairly early investors who have potentially overstretched themselves and need a helping hand. Whilst the ‘Self-Cert to Let’ product provides a solution for investors who are in areas where the rental yield is tight but their income is more than sufficient to support the second mortgage.”
Doug Hall, of packager Mortgage Choice, commented: “It’s good to be working with a lender who listens to those involved in the distribution chain to create products that we feel are going to help the broker find solutions for their clients.”
