The deal boasts the low initial rate of 5.69% fixed until 31/10/05, followed by a year two rate of 5.99% fixed until 31/10/06. Not only is this stepped fixed rate very competitive, but the rental income calculation is based on the initial fixed rate of 5.69%.
Mortgage Trust also offer up to 85% LTV, no MIG and full flexibility on this product giving investors the opportunity to save for further property purchases or budget for rental voids or maintenance costs.
Austin Jelfs, head of sales and marketing at Mortgage Trust, says: “Both ourselves and our colleagues at Savills Private Finance are sure that this deal will prove popular among their clients. The initial fixed rate for the first year is extremely competitive and with only a modest stepped increase for the second year, borrowers are able to budget efficiently.”
Simon Jones, director of Savills Private Finance, says: “Products such as this one provide security in times when rates are still fluctuating. This particular product also allows investors to be more creative with their financial arrangements.”