The Mortgage Works launches an exclusive mortgage with Mortgage Intelligence.
The Buy-to-Let two year fixed rate mortgage is priced at an attractive rate of 5.44 per cent and is available with immediate effect to Mortgage Intelligence members.
Available for un-regulated buy-to-let loans only, including portfolios
5.44 per cent fixed until January 31 2007. Followed by Bank Base Rate + 1.95 per cent for the remaining term of the mortgage.
Maximum Advance – 80 per cent ltv
Maximum Loan – 3m
Repayment Fee – 5 per cent of capital repaid until January 31 2007. However, the customer has the facility of repaying up to 10 per cent each year of the balance on which interest is charged without incurring an Early Repayment Fee
Arrangement fee 0.50 per cent (min 395)
Rental calculation – 125 per cent at 80 per cent ltv, 120 per cent at 75 per cent ltv, 100 per cent at 65 per cent ltv and non-status at 50 per cent ltv. Based on a rate of 5.99 per cent.
Portman Group Intermediary Sales Paul Howard says: “This exceedingly well priced product, supported by our unique lending criteria, makes a compelling deal for all landlords. We are delighted to be distributing the product exclusively via Mortgage Intelligence and are confident it will prove attractive with intermediaries and their clients.”
Mortgage Intelligence managing director Sally Laker says: ” This product is exactly what we need to kick start the New Year buy-to-let market. There has been a demand from our members for a two year attractive fixed rate deal with no overhang and The Mortgage Works have priced this at a very attractive rate. Many mortgage pundits have been predicting that lenders will launch attractive deals in January and this is just the kind of product that our 4500 members have been waiting for.”