Buy to Let Product Update

Buy to Let Product Update:

Here’s a couple of buy to let mortgages for you:

BM Solutions (still here),Interest rate: 4.7%, LTV: 75%

Product Detail: 2 year tracker at 125% rental calculation (base rate + 4.2%)

Arrangement Fee: 3%, Early Redemption Penalties: 3% in first 2 years.

Our thoughts: The lowest rental cover for 75% loan to value mortgages therefore good for low rental properties, and BM are still the most efficient and quickest. Remember, you can only have a total of 9 properties within the Lloyds Group.

Please note: Not for the faint hearted – should Bank of England base rate significantly increase, then so will your rate.

Coventry BS, Interest rate: 5.25%, LTV: 60%, Product Detail: Fixed until 30/09/2012

FREE Valuation, Booking Fee: £250, Arrangement Fee: £1749 can be added to the loan

Early Redemption Penalties: 4.00% of the balance repaid until 30/09/12

Our thoughts: This is a great remortgage deal for higher value loans because of the set arrangement fee and competitive rate.

Tip of the week

We still have access to a lender that will remortgage without the normal 6 months of ownership requirement.

As they will only lend on the original purchase price, it is only really suitable for the following:

1. You bought for cash and would like some funds out before the 6 month period.

2. You bought with expensive bridging and want to remortgage out quickly.

If you are looking to remortgage on the market value, then I’m afraid you will still have to wait 6 months.

Call for more information on any of these deals 01424 205 373 - ref PropertyHawk to take advantage of the No Fees Deal.