Limited edition buy to let mortgages

Friday last week saw the launch of two very competitive buy to let mortgages. Both rates are limited edition, meaning the lender has a set amount of money available for these products. Once the money is gone, it’s gone!

Rate details:
The following rates are only available via a select panel of intermediaries.

3.49% (5.2% APR)*
5 year fixed
1.5% arrangement fee
>> Instant quote

3.59% (5.2% APR)**
5 year fixed
1% arrangement fee
>> Instant quote

The cost over the five year fixed period is the same for these two deals when you consider the interest plus arrangement fee.

Option one - gives the benefit of a lower monthly payment which in turn helps cashflow, which for some people is their main priority – this comes with a trade off in the form of a higher arrangement fee.

Option two - gives a higher monthly payment but with a lower arrangement fee – this would appeal to those borrowers who dislike high fees but are able to be slightly more relaxed on cashflow.

Financials:

• Borrow up to £750k (min loan size £300k)
• Up to 75% LTV
• No limit on the number of mortgaged properties with other lenders
• Stressed at pay rate

Borrowers:

• Individuals and SPV limited companies accepted
• No minimum income requirement
• Up to 80 years old at the time of application
• First-time landlords accepted
• Foreign nationals accepted
• Self employed for less than 2 years acceptable
• No maximum number of properties in the background
• Common sense approach to background portfolio
• Lending in Scotland
• Accept top slicing
  
  Property types:
• Vanilla buy to lets
• Studio flats
• High rise flats
• Ex-LA houses
• New builds
• Listed buildings
• HMOs up to 8-beds

What to do if you want this rate:
Lenders don’t tend to give much (or any!) advance warning of product withdrawals, so we are unable to tell you how long this limited edition rate will be available. It is worth bearing in mind that an offer on this product is valid for three months so you can secure this rate now in advance of your current deal expiring!

For more information:

Call us on 0345 345 6788 (Monday – Friday / 8am – 6pm)

Request a call back this week

Request more info via email

 
Paul Martins has left Mortgages for Business for pastures new. For more information or for any questions relating to this blog, please contact the BTL Team on 0345 345 6788, where one of our consultant mortgage brokers will be happy to assist. 

* Fixed at 3.49% for 5 years reverting to 5.62% (LIBOR + 4.99%, variable). Purchase or Remortgage. Overall Cost for Comparison: 5.2% APR. Loan to Value: 75% loan to value up to £750,000. Lender Arrangement Fee: 1.5% of the loan amount. Early Repayment Charge: 4% of the amount being repaid for the first 2 years, then 3% until the end of year 4, then 2% until the end of year 5. Broker Fee: We do not charge for initial advice. Our standard broker fee is due on receipt of an Agreement in Principle from the lender, charged at £497 for personal applications and £597 for applications made by limited companies. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Interest only or repayment. Rent to Interest Cover: Basic Rate tax payer - 125%, Higher rate tax payer - 145%, Additional rate tax payer – 160%, Limited company -125%, Bespoke ICR 125-160% all at 3.49%. Minimum Income Requirement: No requirement.

** Fixed at 3.59% for 5 years reverting to 5.62% (LIBOR + 4.99%, variable). Purchase or Remortgage. Overall Cost for Comparison: 5.2% APR. Loan to Value: 75% loan to value up to £750,000. Lender Arrangement Fee: 1% of the loan amount. Early Repayment Charge: 4% of the amount being repaid for the first 2 years, then 3% until the end of year 4, then 2% until the end of year 5. Broker Fee: We do not charge for initial advice. Our standard broker fee is due on receipt of an Agreement in Principle from the lender, charged at £497 for personal applications and £597 for applications made by limited companies. We will keep any commission payments made by the lender. Alternatively, we will rebate to you any commission paid by the lender to us and charge you a broker fee of typically 1% of the total loan amount (exact percentage will depend upon the size and complexity of the mortgage application). Repayment Options: Interest only or repayment. Rent to Interest Cover: Basic Rate tax payer - 125%, Higher rate tax payer - 145%, Additional rate tax payer – 160%, Limited company -125%, Bespoke ICR 125-160% all at 3.49%. Minimum Income Requirement: No requirement.

19th June 2018