MI launches exclusive with TMW

Mortgage Intelligence has launched a three-year buy-to-let exclusive fixed at 5.85% from The Mortgage Works.

A free valuation is offered along with £300 cashback on completion to a maximum property value of £500,000.

The deal is available for remortgages only and applications must be submitted online.

The arrangement fee is 1.75% of the property value (minimum £595) and the rental calculation is 115% at payrate.

The early redemption charge is 5% until June 30 2011.

Julie Johnston, head of mortgage products at MI, says: “The buy-to-let market is holding up well despite the general mortgage market slowdown.

“This reflects the fact that investors are attracted to the buy-to-let market during periods when house prices are struggling in some parts of the country coupled with the ongoing affordability gap for first-time buyers.

“Therefore I expect this attractive exclusive to fly out the door.”