The Mortgage Times and BM Solutions have launched a new buy-to-let product which will enable them to secure mortgage finance which they may otherwise miss out on.
The yield for the buy-to-let product is calculated at 0.39% above the Bank base rate as opposed to the usual BM Solutions rental yield of 0.75% above the Bank base rate.
Christopher May, director of the Mortgage Times Group, says: We want to be the premier provider of buy-to-let business and to achieve this we strongly believe in supporting regions that have traditionally attracted low rental yields.
Through certain products our lender partners have supported our goal by offering as preferential affordability criteria thus enabling us to secure mortgage finance which otherwise would have been ruled out by their standard lending policy.
The product offers a pay rate of 4.89% with a broker proc fee of 0.45%, min 0 and max 4,000. The minimum loan amount is 25,000 with the maximum being 1m. The maximum LTV is 85%.