UCB Home Loans announced improvements to its Buy2Let mortgage range this week which come into e...
UCB Home Loans announced improvements to its Buy2Let mortgage range this week which come into effect in September.
The specialist lender of Nationwide Building Society is increasing the maximum loan amount on its Buy2Let products to £400,000 on a mortgage of up to 75% loan to value (LTV) and £300,000 on a mortgage of up to 80% LTV.
New products have also been added to the group's existing discounted tracker rate product at 5.99%. These include a 6.49% two year fixed rate and a 6.89% five year fixed rate.
Charles Reed, managing director, commented: "We are pleased to announce these improvements to our product range, which are designed to meet the needs of borrowers in today's growing buy to let market. The fixed rate products will be particularly useful for buy to let borrowers because they will simplify the budgeting process for investors in the early years."
Reed added: "Figures from the Council of Mortgage Lenders reveal that the buy to let market continues to grow, with the latest figures confirming an increase of 12.5% in the value of lending, increasing the total value of buy to let mortgages to £8.3bn."
UCB loans also offers a free guide covering issues such as choosing the right property, tax, tenancy agreements, legal considerations and financing. The guide is available on 0845 940 1400.
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