Mortgage packagers Pink Home Loans is offering a buy-to-let mortgage funded by Mortgage Express. The...
Mortgage packagers Pink Home Loans is offering a buy-to-let mortgage funded by Mortgage Express. The fixed-rate of 5.85% is guaranteed until September 3, 2007 and is available for up to 85% loan to value with a maximum borrowing of £1 million.
Should interest rates rise in the interim, the mortgage will give investors the chance to lock into a fixed rate at only 0.1% above today's normal variable rate for five years, says Tony Jones, managing director at Pink Home Loans.
"Borrowers that a buy-to-let property should be part of a wider spread of investments and to take a long-term view," advises Jones. "The choice of property and area is crucial to obtaining optimal results and researching the local housing and lettings market is crucial."
He says locking in for five years does not mean a loss of flexibility. Investors can use the exclusive 'choices' flexible feature to overpay up to double the monthly payment even during the five year fixed rate period. The overpayment can be used to take a payment holiday at a later stage which can be useful if the property remains empty for a month or two in between lets and therefore no rental income is being received.
The product is accessed exclusively through Pink Home Loans via direct and packaged submission routes. Broker commissions are paid within 24 hours of legal completion if an express payment request form is completed.
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