Buy to Let Club and Precise Mortgages have unveiled a range of second charge buy-to-let mortgages with no product fee fixed for five years.
The products are exclusive to Buy to Let Club members and rates start at 4.49% to 60% loan-to-value with a maximum loan size of £200,000.
Ying Tan (pictured), managing director of the Buy to Let Club, said: “In today’s market, an awareness of the opportunities presented by second charge loans should be part of a broker’s arsenal in order to provide the best possible advice to their clients.
“We are certainly expecting these market-leading new products from Precise Mortgages to generate a lot of interest from our Club members.”
Products are stressed by the pay rate as well as landlords’ earned income.
Alan Cleary, managing director of Precise Mortgages, said: “These products are designed to give mortgage brokers more flexibility when dealing with their clients’ financial needs.
“The pricing of the products is very keen and I expect them to be very popular.”
Tan claimed the number of brokers asking about second charges is on the rise.
He said: “The benefits of second charge loans are certainly becoming more widely appreciated.
“Enabling clients to retain existing mortgage rates makes them an attractive proposition for many, but the fact that they can be used to capital raise for many non-traditional purposes often comes as a surprise to brokers.
“As a business we are seeing a rise in the number of brokers enquiring about second charge loans.”