SLS sees spike in enquiries for Tiuta B2L product
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Savills Lending Solutions has seen three times the usual volume of telephone enquiries as a result of the buy-to-let product that it’s offering from Tiuta.
The firm says that the three-year fixed rate buy-to-let product is proving incredibly popular among brokers with clients who need access to new funding lines as a result of exposure limits being used up with the bigger lenders.
The three-year fixed-rate buy-to-let product, priced at 6.99%, is available up to 70% of the property’s open market value but not to exceed 85% of the purchase price. The maximum loan size is £2.5m and early redemption charges apply only in the first two years. There is 110%rent to interest coverage at the charging rate and a 3% facility fee, which can be added to the loan amount. The maximum number of loans available to any individual is negotiable.
Rob Jupp, director of SLS, says: “Enquiry levels have increased substantially and we expect to continue to be exceptionally busy over the next few weeks. Brokers who are considering this product for their clients would do well to log their interest sooner rather than later.”
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Readers' comments (2)
Enrico Tedesco | 20 Nov 2009 2:13 pm
Garrard and Jupp have delivered an exceptional and innovative product which will keep all very busy for some time.
We will see if this prompts other lenders in some much needed product innovation. Well done guys.
Enrico Tedesco - Business Development Manager
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Fergus Wison | 20 Nov 2009 3:29 pm
What a bargain, I'll have 700 please.
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