Mortgage Times launches BTL product

Amanda Jarvis

March 13, 2006

Pay rate: 4.79 per cent
Fixed to 31/01/08
Reversionary rate: BBR+1.99 per cent
Max LTV: 85 per cent
Status: Status
CCJs: No
Arrears: No
Defaults: No
Cashback: No
Free vals: No
Free legals: No
Free HLC: Yes
Additional features: overpay 10 per cent per annum. Rental coverage is 120 per cent of the interest payment at 4.79 per cent. Will consider 100 per cent cover with earned income covering shortfall. Max £10m portfolio.
Completion fee: 1 per cent
ERC: 3 per cent in fixed period
MTG proc fee: 0.5 per cent max £1,000
Broker proc fee: 0.45 max £900
Additional product info: Max loan 85 per cent LTV is £500,000
Max loan 75 per cent LTV is £1m

Richard Stokes, head of product development at the Mortgage Times Group, said: “In keeping with our commitment to have the best rental calculations for the lenders in the market, our latest exclusive from West Bromwich has a rental calculation edge of 120 per cent at 4.79 per cent. West Brom now also lends up to a maximum portfolio of £10m to cater for the big hitters.”

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