Unsure if you want to lock into a fixed rate? Or perhaps you are considering borrowing via a limited company, but still have some research to do before you make your decision? Jeni Browne, Head of Buy to Let and Residential Lending explains why this rate could be worth considering if these questions apply to you.
This week we are championing a buy to let rate for properties held in a personal name.
A very competitive two year discounted rate at 2.55% (4.7% APR)*
So, why do we like this rate so much?
Firstly, there are no early repayment charges at any time! Perfect for borrowers who would like the ability to switch onto a fixed rate in the future without being tied in now, or for those considering selling their personally held property to a limited company in the future, but are not quite ready to do it yet. A product with no ERCs really does keep your options open, offering you complete flexibility going forward.
This isn't the only selling point though, highlights of this product also include:
- Free valuation and free legals for remortgages
- A flat arrangement fee of £1,999
- Loans to £1m
- Loan terms between 1 and 35 years
- Tenants accepted include: students and ASTs
- Property types accepted include: standard buy to let, ex-LA houses, flying freehold and freehold conversions
Want to talk this rate through with one of our consultant mortgage brokers? Call us today on 0345 345 6788, or use the link below to get an instant quote free of charge.
Not for you?
>> Use our buy to let calculator and rate finder
* Discounted at 2.55% = Bank of England Base Rate + 2.05 for 2 years, reverting to Lenders’s Standard Variable Rate (currently 4.74%, variable). Purchase and Remortgage. Early Repayment Charge: Nil. Overall Cost for Comparison: 4.7% APR. Loan to Value: 75% loan to value for loans up to £500,000. 50% loan to value for loans up to £1,000,000. Lender Arrangement Fee: £1,999 added to loan. Broker Fee: A broker fee of £497 will apply (other fee options available). Repayment Options: Interest only or repayment. Rent to Interest Cover: The rental income must exceed 125% of the cost calculated at a rate of 5.5%. Minimum Income Required: £25,000 per annum.