85% Buy To Let (for those lucky enough to purchase below market value)
Tiuta has launched a three-year fixed rate buy-to-let deal with a headline rate of 6.99%, and crucially up to 85% LTV.
Sounds painful? Well, here are some unique selling points:
1. The product allows for borrowing on 70% of open market value but not to exceed 85% of the purchase price.
2. Remortgage allowed within 6 months of ownership.
3. Rental criteria is 110% at payrate.
Note: Where ownership is less than 6 months they will fund at the lower of 70% of current OMV or 85% of original PP. If works have been undertaken during this ownership, IN ADDITION to this they will fund up to 85% of the costs of the works undertaken. This will have to be supported by invoices and bank statements to demonstrate genuine investment costs.
Call us now for full details and costs (They also have a HMO product).
Here are some other popular current buy to let deals:
Interest rate: 3.99%
Product Detail: Barclays bank base rate + 3.49
Arrangement Fee: 1.75%
Early Redemption Penalties: 6 months within first 32 months.
Our thoughts: Watch out for the base rate - it's Barclays bank base rate not Bank of England base rate, so won't necessarily move together.
And of course, our old favourite for 75% LTV.
Interest rate: 4.35%
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.
Ring 01424 205 373 or email to find out more on these products or to discuss other options. ref - PropertyHawk for No Broker Fee Offer
THIS DOCUMENT AND OTHER DOCUMENTS PROVIDED ARE FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION SHOULD NOT BE INTERPRETED TO BE A COMMITMENT ON THE PART OF RESIDENT BROKER LTD. RESIDENT BROKER LTD CANNOT GUARANTEE THE ACCURACY OF ANY INFORMATION PRESENTED AFTER THE DATE OF PUBLICATION. INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED 'AS IS' WITHOUT WARRANTY OF ANY KIND. THE USER ASSUMES THE ENTIRE RISK AS TO THE ACCURACY AND THE USE OF THIS DOCUMENT.
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