The Mortgage Times Group has launched an exclusive prime buy-to-let flexible two year tracker on purchases and remortgages in conjunction with UCB Home Loans.
The rate is Bank base rate + 0.59% for two years at 5.09%, up to 85% LTV. There is a free valuation on purchase only, a minimum loan size of 150,000 maximum loan size of 600,000, with a 595 Arrangement fee.
Income multiples are based on earned income of 4 + 1 or 3.25 joint, plus up to 6.5 x annual rental income. The rental coverage calculation is 125% of monthly mortgage payments based on interest only at BBR + 1%.
Flexible Feature include overpayments, underpayments and payment holidays, a borrow back facility (min 500) and flexible advance and drawdown of Flexible Advance (min 500).
Richard Stokes, head of product development at The Mortgage Times Group, says: “This product combines three important components: the choice of assessing affordability by rental coverage or earned income; free valuation and flat completion fee”.
Stokes adds “With the disparity in trackers and fixes widening recently, we are seeing a shift by our brokers towards the former”.
James Chidgey, senior manager, National Accounts at UCB Home Loans, says:
“We are delighted to offer our first ever Buy-to-let exclusive to The Mortgage Times Group, a distributor with strong brand recognition in the Buy-to-let market and this new 2 year tracker product clearly demonstrates our commitment to The Mortgage Times Groups Members”.