BTL Mortgage Lender of the Week - Northern Rock

Just thought I would quickly touch upon 3 reasons why people would use Northern Rock (apart from the fact that as taxpayers, we all own them, so were supporting our own business!)

1. They will remortgage with no minimum period. Just be aware they will remortgage on the original purchase price NOT the current valuation. However, very handy for properties bought for cash/bridging finance where you want money out before the usual six months.

2. They will look at multiple flats on one title. For example, if you have 2 flats on one freehold title then the good people at NR will lend.

3. Flexible features - quite rare at the moment for buy to let mortgages. You can make lump sum over- payments and then draw them down when you need them, thereby saving excess interest payments. For example, if you remortgage for £200,000 and need £100,000 this month and £100,000 in 4 months time, then you can immediately pay back £100,000, and draw it down when required.