View more on these topics

First Active offering BTL just for brokers

First Active is entering the buy-to-let market for the first time as part of its plans to expand its product range to intermediaries.

The firm launched to mortgage intermediaries in June last year and is now widening its range with fixed and discount BTL mortgages for clients with a maximum of five properties.

The fixed rate is set at 5.19 per cent rate until November 30, 2007 and the two-year discount is 5.54 per cent variable, tracking the bank base rate and then a rate of 5.85 per cent for the rest of the mortgage term.

No proof of income is required as monthly rental income must be at least 130 per cent of monthly interest payment at the long-term rate.

National partnership manager Louis Kaszczak says: “We are launching our new BTL products exclusively through intermediaries as we believe their expertise is vital in the sales process, ensuring responsible lending and that clients fully understand what they are arranging.”

London & Country head of communications David Hollingworth says: “The rates are priced competitively but are not absolutely market-leading. It seems as if they are looking to test the water first.”

Recommended

Birth of a notion

Our panel of experts discuss the nature of domicile and how it impacts on an individual’s tax status

Advisers on fee alert

IFAs are breaking the FSA’s depolarisation rules and failing to provide an adequate fee option to their customers, say the two biggest IFA bodies. Aifa and the Personal Finance Society are warning their members to ensure the fee option is embedded in their business if they want to operate under the IFA banner or risk […]

Nvesta zooms off

Nvesta has established the accelerator growth plan 3, a six-year guaranteed equity bond linked to the performance of the Dow Jones Eurostoxx 50 index.

Mortgage Force deal cost West Brom 6.8m

West Bromwich Building Society paid 6.8m to buy the broker franchise Mortgage Force in March. The building society’s annual report and accounts confirm an up-front cash sum of 6m while the 0.8m was a deferred purchase consideration. Mortgage Force’s last results before the acquisition showed a profit of 121,000 for the year ended March 31, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment