BTL Mortgage Products Update

MORTGAGE PRODUCT PICK

BM still leads the way with the lowest 75% products:
1. 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.

2. BM Solutions
Interest rate: 4.70%
LTV: 75%
Product Detail: 2 year tracker
Arrangement Fee: 3%
Early Redemption Penalties: 3% in first 2 years.

3. BM Solutions
Interest rate: 5.4%
LTV: 75%
Product Detail: 2 year fixed
Arrangement Fee: 2.5%
Early Redemption Penalties: 3% in first 2 years.
Our thoughts: The lowest 2 year fixed rate at 75%.

Remortgage within 6 months:
Remember Northern Rock will remortgage within 6 months. Not on value, but on the following basis.
70% of the original purchase price
Or 70% of the original purchase price plus any refurbishment costs, e.g. if you bought a property for 80k spent 40k on refurbishing, the maximum loan within 6 months would be £84k.

4. Northern Rock
Interest rate: from 6.59%
LTV: 70%
Product Detail: 2 year fixed
Arrangement Fee: 2.5%
Our thoughts: Also lend on single
freehold titles split into maximum of 4 flats.