Mortgages For Business Helps Platform Design New Semi-exclusive Buy-to-Let 01.12.2010

The product which offers four-years fixed at 4.99% is available at up to seventy per cent loan to value on loans up to £500K.

“Direct feedback from our clients with small property portfolios suggests that some landlords are becoming increasingly concerned about potential interest rate rises over the next couple of years.  As a consequence, many are keen to lock in to a competitive, longer term fixed rate.” said Steve Olejnik, Head of Sales at Mortgages for Business. “We raised these concerns with Nick Allen, Product Marketing Manager at Platform who proposed that we work together to design a product to address these issues”.

The resulting product is available for purchases and remortgages on either interest only or repayment terms and is aimed at less experienced landlords with no more than five buy to let properties.

“We are always keen to meet the needs of the market and believe that offering this product on a semi-exclusive basis will help us to monitor the response under controlled conditions,” said Allen. “Investors looking to remortgage have the added incentive of free legals,” he continued.

 The product carries an arrangement fee of two per cent plus a booking fee of £140.

Other buy to let products available from Platform include two and three-year trackers from BBR+2.49% and a two-year fixed rate at 5.19%.