Scottish Widows Bank's first buy-to-let mortgage is to be distributed exclusively through IFAs.
The loan offers the drawdown facility of the Flexible Account, subject to the mortgage being up to 70 per cent loan to value. The drawdown limit will normally be 10 per cent of the mortgage with a maximum of £20,000.
A capital and interest repayment option is available at 80 per cent LTV, offering a fixed rate of 5.59 per cent and a variable rate of 6.24 per cent.
An interest-only option is available up to 70 per cent LTV, offering a fixed rate of 6.09 per cent and a variable rate of 6.74 per cent.
The procuration fee will vary according to mortgage amount but will range between £150 and £400.
Business development manager Ken Fordyce says: “We have been consistently asked by IFAs for such a product. The Flexible Account option allows customers to draw down money.”