Mortgage Express has today launched a two-year discounted buy-to-let deal.
This product is available to UK based borrowers who are investing in or remortgaging a rental property.
Key features of the product include a discount of 1.46% for two years (product variable rate Bank of England base rate + 1.75%), a current pay rate of 4.79% after discount.
It is available for up to 85% loan to value. It has an early repayment charge of 5% in the first two years, 1.5% completion fee and 50,000 minimum loan and the overall cost for comparison is 6.5% APR.
Andrew Moss, buy-to-let product development manager, says: This is our
first two-year product which has been launched to offer borrowers a competitive rate with no extended redemption penalties.
As the buy-to-let sector grows and matures, more and more investors are looking for the flexibility a shorter deal offers and we have now responded to their needs.