Just to reiterate, for the best 75% deals at the moment we have:
BM Solutions
Interest rate: 4.35%
LTV: 75%
Product Detail: 1 year tracker
Arrangement Fee: 3%
Early Redemption Penalties: 3% in first year.
Our thoughts: The lowest rental cover for 75% loan to value mortgages but watch the reversionary rate after the first year.
Natwest
Interest rate: 5.79%
LTV: 75%
Product Detail: 2 year tracker
Arrangement Fee: £1499
Early Redemption Penalties: 3% in first 2 years.
Our thoughts: No credit scoring and for high value properties the set arrangement fee can work out advantageous.
Also remember the HMO mortgage we told you about last week well, we have submitted a couple of cases already so should be able to give you feedback in the next few weeks about how those cases are going. To remind you:
HMO from CPUK (a specialist packager)
Only lend to professional landlords (with a proven record with BTLs)
Max 70% LTV
8.99% 3 yr fixed rate
Max term of loan 3 years!!!
3% arrangement fee
Fixed legals at £850
£350 admin fee
Will go up to 15 units (can negotiate)
Interest only
No minimum income but must evidence current rental income on bank stats.
Friday, October 09, 2009
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