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Flexi buy to let discount for L&G

Legal & General&#39s buy to let flexi variable discount mortgage is a flexible mortgage which also has a stepped discount over three years. It has a 1 per cent discount in year one, 0.75 per cent in year two and 0.5 per cent in year three. This gives a current payable rate of 6.74 per cent.

This mortgage has a maximum loan to valuation of 75 per cent, which is common for this type of mortgage. The flexibility of the mortgage is good as underpayments, overpayments and lump sum withdrawals can be made, payment holidays can be taken and interest can be calculated daily.

On the down side, there are early redemption penalties in the first three years, but these are also stepped. In year one, three per cent of the loan must be repaid, two per cent must be repaid in year two and one per cent must be repaid in year three.

According to Moneyfacts on December 1, 2000, there are no flexible buy to let mortgages with a three year discount currently available, so this mortgage may carve its niche as interest in investment mortgages continues to flourish.


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