25 year BTL fixed rate

The first 25-year fixed-rate mortgage for buy-to-let investors is been launched by the Manchester Building Society.

Chief executive David Cowie said: “To my knowledge, this is the first time ever that a lender has offered a fixed-rate, buy to let mortgage for buy to let investors.The buy to let market is now far more robust than the housing market as a whole.”

The rates on offer are a 5.74 per cent interest rate for capital repayment mortgages and an interest only version at an interest rate of 5.99 per cent, both with a £749 arrangement fee.
MBS will lend up to 75 per cent of the value of a property.
The residential mortgage interest rate is 5.24 per cent with a £995 arrangement fee and MBS will lend up to up to 80 per cent of the value of the property.

Chris Mitton, Market Relationship Manager said “I think the buy to let products will particularly appeal to investors seeking to hold their buy to let property over the long term, and want to lock in certainty of their funding costs for an extended period of time.

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Your home may be repossessed if you do not keep up repayments on your mortgages.The Financial Services Authority does not regulate some forms of mortgage.