Buy to Let Business and Santander link up

Robyn Hall

July 26, 2013

Members will now have access to Santander’s Let Portfolio product for landlords with 10 or more buy-to-lets.

This product allows landlords to put one or more properties under one mortgage making it easier to manage payments.

Ying Tan, managing director of The Buy to Let Business, said: “With a distinct lack of products on offer for professional landlords we know our members have been crying out for a product like this.

“This rate is great for large portfolio landlords and allows them to refinance their entire portfolio at a really low rate.

“We’re thrilled to have Santander Commercial on our panel and it’s great to be able to give our members what they need.”

The product is available to trading and non-trading Ltd companies, LLPs, partnerships and individuals and rates are negotiable between 2.5% to 4% over three month LIBOR (currently at 0.27%).

There is a 0.5% commitment fee (payable on offer and refunded on completion) and a 1.5% arrangement fee, which can be added to the loan.

As an interest only product the maximum loan to value is 60%, rising to 65% for the repayment product.

The minimum lending amount is £500,000 and no single property can be worth less than £75,000.

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