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Abbey enters buy-to-let market

Abbey for Intermediaries has entered the buy-to-let sector.

The lender says it is focussing its product range on non-professional landlords with up to two properties.

AFI announced it would return to the buy-to-let sector in November 2010, after pulling out of the market in April 2008.

Borrowers must be aged between 21 and 70 and where there is more than borrower, at least one must be employed and earning at least £25,000 a year.

A minimum deposit of 25 per cent is required and rental cover must be at least 125 per cent of the mortgage payment.

There is a minimum purchase price of £100,000 and houses in multiple occupancy are not eligible.

The lender has launched a two-year fix at 4.29 per cent with a £1,495 fee, available up to 60 per cent loan-to-value, and a two-year fix at 5.19 per cent with a £1,495 fee, available up to 75 per cent LTV.

Both products are available to homebuyers and remortgagers. Homebuyers will receive a free standard valuation and £250 cashback on completion.

AFI director of retail assets Phil Cliff says: “We are delighted to be able to support the intermediary market with the launch of our buy-to-let offering for non-professional landlords. The range is designed to meet the needs of new or small volume landlords adding a first or second buy-to-let investment property, and we expect to see strong interest from intermediaries and their clients.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Mark Alexander of Property118.com 15th December 2011 at 1:32 pm

    We have reported on the good news of Santander’s venture into the buy to let mortgage market and we are getting landlords posting comments and questions which we can’t answer as we are a News & Directory website for the Private Rented sector, not regulated mortgage brokers. There may be an opportunity for brokers to pick up some extra business by commenting – please see http://www.property118.com/?p=21978

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