Tiuta launches into mainstream BTL market
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Tiuta has launched a three-year fixed rate buy-to-let deal with a headline rate of 6.99%, up to 85% LTV.
The product allows for borrowing on 70% of open market value but not to exceed 85% of the purchase price.
The product also has a maximum loan size of £2,500,000 and has no redemption penalties in its third year. There is 110% rent to interest coverage at the charging rate and a 3% facility fee which can be added to the loan amount. Additionally the maximum number of loans available to any individual is negotiable.
Access to the product will be exclusively available through Tiuta’s packaging partners Savills Lending Solutions and Omega/CPUK.
Guy Garrard, head of business development at Tiuta, says: “This launch represents an exciting departure for Tiuta and as such we are hoping that it will inject some much needed impetus back into the buy-to-let sector.
“There are elements to the deal which are simply not available in the current market and we firmly believe that there is still a place for responsible innovation if lenders are prepared to push the boundaries.
“Any increase in competition will help this sector become stronger and fundamentally help brokers write more business.
“Whilst this is a considerable departure from our bridging roots we will continue to provide a market leading short term finance proposition but the mainstream market is an increasingly attractive prospect for us and there are many more exciting plans in the pipeline.”
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