Mortgage Next launches two year buy-to-let

Mortgage Next is launching a two-year base rate tracker buy-to-let mortgage on June 19.

The product is funded by West Brom for Intermediaries and is available to members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

The buy-to-let mortgage consist of a base rate tracker plus 0.20% for two years giving a current charging rate of 4.70%.

After two years the rate reverts to Bank of England Base Rate plus 0.99% for the remainder of the term.

The product has no early redemption charge, 1.5% arrangement fee and is available up to 85% LTV plus fees.

It allows 10% overpayments and the maximum loan advance is 500,000 and there is a procuration fee of 0.5% up to a maximum of 2,500

Justine Tomlinson, marketing director at Mortgage Next, says: The buy-to-let market has continued to hold-up well and and this two year base rate tracker offers one of the lowest rates currently available, with the added benefit of no early redemption penalties.

I have no doubt that this deal will be very popular with brokers and borrowers.