The mortgage is a 2-year discount of 2.15% off the Society’s basic variable rate for buy-to-let mortgages of 5.64%. The overall cost for comparison is 5.3% APR and there are no early repayment charges.
Hinckley & Rugby business development manager Carolyn Thornley-Yates said: “Cutting the interest rate below 3.5% on a 75% LTV mortgage makes this product highly competitive. It is backed by our outstanding levels of customer service and individual approach to underwriting.”
The fees are unchanged at £250 on application and £1,250 on completion. The completion fee can be added to the loan as long as the LTV does not exceed 75%.
The mortgage is available through intermediaries and there is a property assessment fee on a sliding scale from £265.
The Society also offers 2-year discount buy-to-let mortgages up to 60% LTV with interest rates starting at 2.74%.