Mortgage Times and The Mortgage Business have launched a product to make it easier to obtain a buy-to-let mortgage.
The self-cert house to house tracker has a pay rate of 4.99% and a reversionary rate of 1.79% above the Bank base rate.
Richard Stokes, head of product development at Mortgage Times, says: This product is ideal for landlords who are testing out a new region to let in as there are mo early repayment charges to tie them in should it not work out. The affordability is based on income rather than rental yield, with a self-cert option.
The proc fee for that product is 0.5% (min 0 max 7,500) and has a minimum loan amount of 25,000 and maximum of 250,000. It also offers free evaluation up to 800,000.