Capital Home Loans has launched a two-year fixed rate buy-to-let mortgage at 5.35% until October 31 2008.Other features include a 695 completion fee, no personal minimum income requirement, no income checks and lending of up to 85%LTV on new-build flats. It also allows lending on up to 25% of flats within the same block, or 10 flats, whichever is the higher. This permits landlords to borrow on 10 flats in a 12-flat block for example. Trevor Child, head of marketing at CHL, says: “The next base rate movement is expected to be upwards and landlords are looking to be locked into a competitive interest rate. This product has been designed with them in mind. Not only is the rate competitive, but there is only a 695 completion fee.” John Stewart, director at PMI Independent financial advisers, says: “The plus with this product is the no income checks aspect, but a lot of lenders are offering this. It is a niche product for a niche market but I do not think the rate is competitive as I have seen a lot of cheaper rates around the 5% mark.”
- Top trends
Last week Alliance & Leicester decided to fix its exit fees at 295 so borrowers know at the outset of the loan how much they will have to pay if they redeem their mortgage early. Exit fees – and A&L for having one of the highest charges – have been criticised by the industry and […]
Earth Mortgages has appointed Pete Wilson as head of mortgage operations. He joins alongside other recent high profile appointees Malcolm Starr, Bernadette McEvoy and TV presenter Nick Hancock. Earth says the latest appointment will strengthen the company.
Lisa Taylor from Moneyfacts.co.uk says a future base rate rise will effect consumers, especially those who have borrowed to the max and dont have the comfort of a fixed rate mortgage.Taylor says: Recent economic signs do not paint a very rosy picture for UK consumers, with rising bad debts, unemployment levels, unsecured debt levels at […]
Partnership Home Loans, a sister company of Partnership Assurance, has become the 15th provider to join The Exchange online equity release quotation service on the Exweb portal.
Did you know that 60 per cent of business owners said they had no protection in place to cover the cost of buying shares should a business owner die?*
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