Bank of Scotland Mortgages is boosting its buy-to-let offering with two new fixed rate products.
The products are a three-year fix 6.29 per cent with an early repayment charge of 5 per cent until May 2010. There is also a five-year fix at 6.29 per cent until May 2012, with an early repayment charge of 5 per cent.
Both products have an arrangement fee of £999 and clients can overpay up to 10 per cnet of their mortgage balance per year without incurring an early repayment charge. Customers can then choose to take a payment holiday, or underpay to the value of the overpayments to a maximum of three months in any 12 month period.
Head of sales John Lloyd says: “These products offer brokers the opportunity to give their clients the security of knowing how much their payments will be, even at a time when there are rumours around bank base rate rises. They are good longer term fixes for customers who are utilising their BTL in planning for their retirement, to supplement their pensions.”