Mortgage Intelligence has reduced the rental calculation on a three-year fixed rate buy-to-let product from Mortgage Express from 130% to 125%.The MEX buy-to-let product has a fixed rate of 5.34% until June 30 2009. It features a 1% completion fee which can be added to the loan and an early repayment charge set at 5% until June 30 2009. For fixed rates of five years and above, rental calculation is now 120% of the monthly mortgage payment, down from 125%. MI members can also access a semi-exclusive 4.84% three-year discount buy-to-let product with 1.41% discount off Bank of England base rate plus 1.75%. There is a 1.50% completion fee that can be added with the ERC set at 5% for three years. Sally Laker, managing director of MI, says: “I am anticipating that these changes will be well received by brokers as fixed rates have spiralled recently. “And lower ren-tal income calculations should make the products more accessible and even more appealing.” Mark Collar, key account manager at MEX, says: “This reduction in our rental income requirements shows our commitment to the buy-to-let market and to providing products that meet the needs of our customers.” John Burnard, principal at New Life Financial Planning, says: “There is a lot of competition across the buy-to-let sector and MI is in line with the rest of the market. “It is bringing these rates down and changing criteria in an attempt to get a bigger share of the market.”
- Top trends
- Top trends
New Build Inspections has launched a portal for Home Information Packs.
Knight Funding is offering fixed and tracker rate products from The Mortgage Business exclusively through members of the Professional Mortgage Packagers Alliance. The TMB exclusives include a two-year self-cert fixed rate product at 4.99% with an arrangement fee of 799 that can be added to the loan, and no higher lending charge. A two-year self-cert […]
Three more firms will now distribute Unity Homeloans mortgages. Primrose Mortgage Processing, Countrywide Mortgage Centres and NicheMortgage Solutions have recently become members of the PMPA which is the sole distributor of Unity products.
The Financial Services Authority has appointed Mark Rothery as chairman of the Smaller Businesses Practitioner Panel. He succeeds Ruthven Gemmell who will stand down and assume the role of deputy chairman for one year.
By Alison Esson, proposition development & technical support manager We want to make trusts as easy as possible for you by taking away some of the misconceptions around what you can use them for and when you can use them. In doing this, we’re helping you do the right thing for your clients and making […]
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