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Sun Bank & Genesis compete for attention

Sun Bank and Genesis Home Loans have both introduced buy-to-let mortgages that are fixed until January 1, 2004.

Both mortgages are available for loans of up to 75 per cent of valuation, but the Genesis protector buy-to-let mortgage has the most competitive rate. It is fixed at 5.75 per cent while the Sun Bank mortgage is fixed at 5.99 per cent.

Both mortgages impose the same early redemption penalty. Borrowers who pay off the mortgages before January 1, 2004 pay 5 per cent of the amount repaid in both instances.

Both mortgages also require an arrangement fee of £395 to be paid, but the maximum loans for these products are different. Borrowers who choose the Genesis mortgage can borrow up to £400,000 for each property up to 75 per cent of valuation. Those with Sun Bank can borrow a higher amount of £500,000 on the same basis. Both products allow any number of properties to be bought within a maximum total advance of £1m.

The Genesis mortgage comes out top in terms of its lower fixed-rate while Sun Bank shines in the area of maximum loans. However, Genesis Home Loans&#39 £400,000 limit for each property is likely to meet the needs of most borrowers who may be more concerned with getting the lowest fixed-rate.

The Property Hotspots survey conducted by Mortgage Express in October 2001 found the average value of buy-to-let properties range from £88,000 to £120,000.


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