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BoS launches low rent calculation buy-to-let

Bank of Scotland Mortgages is launching a range of buy-to-let products with a low rental income calculation.

The buy-to-let products will continue to be self-financing, now based on an annual rental income of 125% of the annual interest only mortgage payments using Bank of Scotland base rate plus 0.50%.

This represents a 0.25% reduction on the current rate based on Bank of Scotland base rate of plus 0.75%.

The new products include a term tracker at 5.99%, with a £799 arrangement fee and no early repayment charge.

They also include a two-year tracker at 5.44%, with a £599 arrangement fee and an early repayment charge of 5%.

A one-year fixed rate is available at 5.54%, with a £599 arrangement fee and an early repayment charge of 5% also.

BoS is also offering a two-year fixed rates starting at 5.59%.

John Lloyd, head of sales and processing at Bank of Scotland Mortgages, says: “Our buy-to-let range is already exceptional, and includes a strong offering based on our vast experience in dealing with intermediaries and their buy-to-let clients.”

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Dear Delia

My client separated from her partner and would like to buy out his share of their two-bedroom property. Unfortunately she doesn’t earn a lot and doesn’t want to borrow huge income multiples. Are there any products that she can use or do you have any suggestions as to how she can do this?

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