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B&W offers buy-to-let loan

Bristol & West is introducing a range of fixed-rate mortgages, including a five-year buy-to-let loan, which it claims is in direct response to brokers&#39 needs.

The buy-to-let product is fixed at 5.89 per cent until April 30, 2007 and is available up to 85 per cent loan to value. After the fixed period, the loan reverts to 1.75 per cent above the Bank of England base rate.

The redemption penalty is 7 per cent until April 30, 2003, 6 per cent until April 30, 2005, then 5 per cent for the remainder of the fixed term.

The range also includes a loan fixed at 5.49 per cent until April 30, 2007 and a loan fixed at 5.55 per cent until April 30, 2009. Both rates are available up to 95 per cent LTV and neither has a redemption tie-in beyond the fixed period.

B&W says now is a good time to take out a fixed-rate loan as it believes the economic climate suggests that interest rates are set to rise. It says this is borne out by rival lenders withdrawing some of their competitive rates.

Group product manager Rachel Woollatt says: “B&W Mortgages has been carefully evaluating economic movement and is continually responding to each development to ensure that brokers have the best possible products to offer to their clients both for the long and short term.”

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