Manchester Building Society launches BTL fixes
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Manchester Building Society has launched two buy-to- let three-year fixed rate mortgage products available for both purchase and remortgage.
The three- year fixed rates are 5.74%, 65% LTV and 5.99%, 70% LTV and have a flat arrangement fee of £999 that can be added to the mortgage.
Based on the fixed rate, rental cover of 120% or 115% is required. An Early Repayment Charge of 3% applies during the fixed rate period. The maximum mortgage per property is £250,000 and each borrower is limited to owning four rental properties across all lenders.
Graham Alexander, business relationship manager at Manchester, says: “These competitively priced products are specifically aimed at customers with a strong personal financial position, who choose to own a small number of Buy to Let properties as part of their broader investment strategy, and I’m sure they will be a popular addition to the buy to let market.
“Having been active in the buy-to-let market for many years, we are fully satisfied that this product will prove very attractive. Our experience is that the customer profile for this type of product is both high quality and low risk, and this is fully reflected in the competitive interest rate offered.”
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Readers' comments (1)
Geoff Laird | 18 Dec 2009 11:12 am
Congratulations to the Manchester BS,these are well priced products with fair completion fees and one's which I would recommend to my clients.
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