BTL Mortage Products Update

I thought we'd have a few different options this week:

1. 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 overpayments and draw down. Also look out for the 60% LTV product at 5.29%

2. 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:

3. 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. Good for "buy to sell-in-a-year" though.

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.