Abacus launches BTL range
Funded by Future Mortgages, the deal starts from 5.75 per cent and is available from prime through to light adverse. Abacus has confirmed the range will include a 90 per cent loan-to-value (LTV) product at 5.95 per cent, a factor that Marc Turner, head of sales at Abacus Permanent, felt would appeal to a variety of borrowers. He said: “The range will benefit new landlords just starting out by not having to find such a big deposit and seasoned professional landlords who may be looking to remortgage their current portfolios in order to release equity for new purchases.”
He added his expectation that the BTL product would be popular and had systems in place ready for business. “To ensure that the service standards are maintained throughout the process, Future will be appointing a dedicated BTL underwriting desk as it is anticipating, and therefore is, preparing for a massive take-up rate.”
The Abacus prime product is available at 5.75 per cent, fixed until May 2009. It has a maximum LTV of 85 per cent, with a completion fee of £395. Its 90 per cent LTV product is fixed until May 2009, with a completion fee of £395.
The products allow a maximum of 10 properties per individual, up to a maximum portfolio of £2 million. A minimum loan of £50,000 exists across the range, with a maximum of up to £500,000 for the prime range, falling to £300,000 for its light offer.
Mark Charlesworth, head of Future Mortgages, said: “Our buy-to-let range is the first of a number of attractive products. We have been working closely with a number of packagers, including Abacus, to ensure we provide the correct level of support, matching predicted volumes with our service capability.”