Salt has launched a range of buy-to-let mortgages to the intermediary market.
Following its self-certification and sub-prime ranges, Salt is offering a three-year fixed rate buy-to-let at 5.60% and a three-year Bank Base Rate buy-to-let tracker at 5.75%.
Salt’s new buy-to-let range offers rates at up to 90% LTV with rental cover requirements of just 115%, based on the initial payable rate of the product.
Salt has set a £2m limit on portfolios, but has no upper limit on the number of mortgaged properties with other lenders. Its maximum loan for buy-to-lets is £300k per property, although a higher figure of £500k applies for London and some South-East postcodes. Single loan or multiple property applications up to the maximum amount are also available.
Tony Capon, head of retail sales at Salt, says: “These niche products are aimed at existing landlords who already have a minimum of three residential investment properties held for a minimum of six months and represent excellent value within the current marketplace. The 115% rental cover, at pay rate and LTV up to 90% make them particularly attractive.”