Bananas Inc launches three-year buy-to-let tracker deal

Packager Bananas Inc has launched a three-year buy-to-let tracker deal at base rate plus 0.8%.

The deal has a current rate of 4.8% with LTVs available up to 85% with a lending limit of £300,000. Borrowers receive a £650 cashback payment upon completion of themortgage, which is being launched by Bananas Inc with the support of Platform Home Loans.

The full-status product is available to the employed, self-employed, purchasers and remortgagors, whilst a clean credit history is required.

Sue Cox, business development manager at Bananas Inc, says: “This product has an attractive headline interest rate for a buy-to-let product. The cashback is the icing on thecake.”

The mortgage carries a completion fee of £395, which can be added to the loan. The procuration rate is 0.3%. Redemption interest is 6% during the first three years of the mortgage. Once the three-year redemption period has passed, borrowers revert to Bank base rate plus 1.95%. MIG is charged from 75% LTV at a rate of 6.95%.