Latest News 17th August 2007

Buy to Let Just released, take it while you can. 90% LTV 5.19% remortgage immediately.

This is the buy to let mortgage product of the year. Considering how all other lenders have increased their interest rates. Plus the rental expectation is normally 125% of the monthly mortgage cost, making it very difficult to find mortgages for buy to let properties.

Well here comes the solution. The interest rate is 5.19%, yes, that is 5.19% and it's fixed for 2 years. There is no higher lending charge and you can borrow up to 90% loan to value. The rental is calculated at 100% of your monthly mortgage payments, which means if you have a mortgage of £100,000, your rental will need to be just £432 month and your mortgage will also cost £432 month, based on interest only.

Furthermore, if you have used a Bridging loan or cash to purchase, the lender will allow an immediate remortgage (no waiting 3 or 6 months) and they will allow equity release. In other words, if you purchase a property worth £100,000 and you purchase it for £80,000 using a Bridging loan. You can immediately remortgage up to 90% LTV. This would mean you are releasing 10% immediately, leaving you with a £90,000 mortgage costing you £389 per month and of course your rent will need to be at least £389 month, and you are left with 10% in the bank.