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The Mortgage Works – 2 Year Buy-To-Let Tracker

The Mortgage Works – 2 Year Buy-To-Let Tracker

Type: Buy-to-let tracker mortgage

Tracker term: Until May 31, 2014

Tracker rate: 3.49% above the Bank of England base rate

Payable rate: 3.99%

Minimum loan: £25,001

Maximum loan: Up to 75% of valuation subject to a maximum of £350,000, up to 65% of valuation subject to a maximum of £1m, up to 50% of valuation subject to a maximum of £1.5m

Income multiples: Rental income must be at least 125% of the interest only mortgage repayments calculated at the rate of 4.99%

Conditions: Capital repayments of up to 10% a year allowed without penalty in the fixed-rate period, switch to fix facility available, not available for properties in Northern Ireland, unlimited properties allowed within a total maximum of £5m

Arrangement fee: 3.5% of the original loan subject to a £595 minimum

Redemption fee: 3% of the mortgage balance in the first two years

Introducer’s fee: Refer to lender

Tel: 0845 601 0763

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