Buy to let mortgage product of the month
5.88% 2 year fixed to 80% LTV
With a headline rate at 5.88% it’s not the cheapest in the market but this product works well for professional landlords for a number of reasons:
•There is no limit to the number of properties you have in the background.
•The flat lender arrangement fee of £1,999 rapidly drops away to below one per cent of the loan amount if you are looking at higher value properties.
•There is no additional income requirement
•You will only need to put up 20% as a deposit
Available on an interest-only or repayment basis, this product is suitable for vanilla buy to let purchases.
The headline details are:*
5.88% 2 year fixed rate buy to let mortgage
•Reverting to lender’s SVR + 0.75%
•Lender’s SVR currently 4.98%, variable
•Overall cost for comparison 6.1% APR
•Up to 80% LTV up to £400,000 loan
•Lender arrangement fee £1,999
•Early repayment charges apply
•No minimum additional income requirement
•No property cap
•Broker fee of £250 for RLA members (other fee options available)
•Free legal service for remortgages
To talk through this product and other options call RLA Mortgages today on 0845 148 9071.
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
*Scheme: 5.88% fixed for 2 years then reverting to lender’s Standard Variable Rate (currently 4.98%, variable) + 0.75% for the remaining term to give a current reversion rate of 5.73%. Free legal service for remortgages. Overall Cost for Comparison: 6.1% APR. Early Repayment Charge: 5% of the amount being repaid for the first year, then 4% until the end of year 2 from drawdown. Loan to Value: 80% loan to value up to £400,000 loan amount. Lender Arrangement Fee: £1,999 is due on completion. Broker Fee: A broker fee of £250 will apply to RLA members. (Other fee options available). Repayment Options: Interest only or Repayment. Rent to Interest Cover: The rental income must exceed 125% of the interest cost calculated at 5.88%. Minimum Income Required: No requirement.