Pink Home Loans has unveiled an 89% LTV buy-to-let product funded by GMAC-RFC.
This product offers an increased LTV up to 89%, a competitive rate of 5.19% fixed until January 1 2009. The product is available for purchases only and has no higher lending charge or early repayment charge overhang.
Dev Malle, sales director at Pink, says: “This is a fantastic opportunity for investors to either add to their property portfolio or become a new landlord, as the increased loan to value will make a difference to the reduced amount of deposit being required.”
Tim Russell, director at Storm Mortgages, say: “There is certainly a demand for increased loan to value bands for buy-to-let deals. This product not only offers the facility of an 89% LTV but also offers a competitive rate of 5.19% fixed until 1/01/2009. I think first time investors who have small deposits will be attracted to this product.”