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Tuesday, November 03, 2009

BTL Mortgage Products Update


A few different options this week:
Northern Rock
Interest rate: 5.69%
LTV: 70%
Product Detail: Fixed until 1/1/2013
Arrangement Fee: 2%
Early Redemption Penalties: 4% until 1/1/2013
Our thoughts: Competitive 3 year fixed with 120% rental cover. Make use of its flexible features for lump sum over-payments and draw down.
Woolwich
Interest rate: 3.99%
LTV: 60%
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 base rate, not Bank of England, so won't necessarily remain the same.
Godiva/Coventry
Interest rate: 4.99%
LTV: 60%
Product Detail: Base Rate + 4.49 to 31/12/2011
Arrangement Fee: £250 Upfront and £800 can be added
Early Redemption Penalties: 4% until 31/12/2011.
Our thoughts: Free valuation. Also great for high value loans as the arrangement fee is fixed rather than percentage.
And, of course, our old favourite for 75% LTV:
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.

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.

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