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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.”


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