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Pink go for buy to let

Pink Home Loans has introduced a new mortgage for the buy to let market.

The 7.1 per cent fixed rate mortgage is aimed at investors who are looking to buy properties that can then be rented out. The rate is fixed at 7.1 per cent until January 1, 2006 for loans of up to 85 per cent of valuation.

The mortgage also has redemption penalties for the first five years of the loan, but these do not extend beyond the fixed rate period.

This mortgage joins the very small market for five-year fixed rate buy-to-let mortgages, as there are only six of these available at the moment.

According to Moneyfacts the cheapest five-year fixed rate mortgage on November 22, 2000 is the 6.64 per cent fixed rate mortgage from Leeds & Holbeck Building Society for loans up to 80 per cent of valuation and which has similar redemption penalties.

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