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The Mortgage Works – Buy To Let Stepped Tracker

The Mortgage Works – Buy To Let Stepped Tracker

Type: Buy-to-let tracker mortgage

Tracker term: Until March 31, 2012

Tracker rate: 4.14% above the Bank of England base rate in year one, 2.14% above the Bank of England base rate in year two

Payable rate: 4.64%

Minimum loan: £25,000

Maximum loan: Up to 60% of valuation subject to a maximum of £1m

Income multiples: Rental income must be at least 125% of the mortgage repayments

Conditions: Capital repayments of up to 10% a year allowed without penalty in the first two years

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

Redemption fee: 3% of the amount repaid in the first two years

Introducer’s fee: 0.45% of the original loan

Tel: 0845 601 0763

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