GE Money Home Lending has launched into the buy-to-let moved this week under its First National brand.
The product will see packagers and brokers offering 100 per cent rental income, various loan-to-value options dependent on rental cover and fixed rates from 5.39 per cent.
It says that one of the main motives for entering the sector is the growth in the buy-to-let market over the last decade, which has seen a 10-fold increase, with an estimated £35bn gross advances in 2006 alone.
GE director of First mortgage sales Duncan Berry says: “This move into the buy-to-let market demonstrates GE’s response to the phenomenal growth in this sector. Consumer demand remains strong as we continue to see an increase in rental demand, together with the requirement for long-term investment opportunities.
“In addition to our core product range, we will also be offering an exclusive to Ramp packagers and GEMHL key partners: Pink, TMT and Optoma. This proposition will combine the 100 per cent rental income with 90 per cent loan-to-value and will provide our intermediaries with one of the best products in the market.”