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Mortgage Next adds to growing buy-to-let market

Mortgage Next has joined forces with Mortgage Express to introduce the buy-to-let five-year fixed mortgage.

The mortgage has a fixed rate of 6.35 per cent for loans of up to 80 per cent of valuation until June 3, 2006. It is available for borrowers who already have their own property but who now want to buy a second home and rent it out.

Buy-to-let five-year has a redemption penalty of six months interest until the end of the fixed rate period. The mortgage can be used to buy any number of properties, as long as the total cost is not more than £1m.

The recent turbulence in the stockmarket has encouraged many investors to look at buying property as a more stable form of investment. A report issued by the Association of Residential Letting Agents shows that demand for properties to rent remained steady in the first half of 2001, with an average empty period, when nobody is renting the property, of 33 days nationally, while in the South East of England this is just 24 days.

According to Moneyfacts the most competitive five-year buy-to-let mortgage is from Bristol & West. This has a fixed rate of 6.19 per cent until June 30, 2006 for loans of up to 75 per cent. The mortgage has redemption penalties of 7 per cent in the first year, 6 per cent in years two and three, and 5 per cent in years four and five. A maximum of five properties can be bought, with a maximum value of £500,000.


Link-up gives IFAs online access to Healthcare 4 Life

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Ethical standards will boost value

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FSCS appoints new head of communications

The Financial Services Compensation Scheme has appointed Heather Tilsten, 32, as its new head of communications. Her remit includes raising awareness of the scheme among consumers and the industry. Part of her role will be to ensure the smooth transition of seven bodies, the Investors Compensation Scheme, the Building Society Investors Protection Scheme, the Deposit […]

Surge in protection plan complaints

Rocketing numbers of borrowers are complaining to the Financial Ombudsman Service over being sold inappropriate loan payment protection policies by direct agents of product providers. The FOS is concerned that direct-sales staff of banks and building societies have “little or no knowledge” of the insurance policies they are selling to borrowers after seeing a 20 […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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