The product will take into account both rental and earned income, with a choice of self-cert and full status deals. Prime and very near prime options are available, with fixed rates for two and three years starting from 6.03 per cent. Two-year trackers are available from 6.38 per cent and three-year trackers have rates from 6.33 per cent.
There are free legal fees on remortgages and no higher lending charges. An online calculator is available for brokers to assess affordability.
Individual loans will be available up to £1 million to 75 per cent loan-to-value (LTV), £500,000 to 85 per cent LTV and £300,000 to 90 per cent LTV. The maximum portfolio borrowing limit is £5 million.
Richard Spinks, director of product and credit development at Wave, said: “There is growing demand for multi-property BTL products assessed on an affordability basis but few lenders provide them, especially up to five properties. Rising rates and falling yields have made rental and earned income products very attractive, so the new multi-product is ideally suited to the current market.”
Roy New, a London-based sole broker, commented: “These are quite good rates and Wave has obviously done its homework. I’m sure it will fit with the portfolios of a lot of my clients.”
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