Savills Private Finance launches today a buy to let base rate tracker with an initial pay rate of 5.59 per cent.
There are no early repayment charges. The mortgage tracks the Bank of England base rate plus 0.84 per cent for five years after which it reverts to base rate plus 1.59 per cent.
The loan is available up to 80 per cent of property value. There is a 599 arrangement fee upon completion. Interest is calculated daily and free legals are available for those remortgaging.
SPF director Simon Jones: “The base rate has remained at 4.75 per cent for several months, following four rises last year, and this tracker is ideal for landlords who feel the next move in interest rates could be downwards.”