Mortgage Trust reduces MT Select rates

Ramesh Sharma

March 25, 2006

Following the March LIBOR reset, Mortgage Trust has reduced the rates to enhance its market position.

Mortgage Trust has adjusted its select products, with its three-year discount buy-to-let available at 5.17 per cent. A £499 arrangement fee exists on this 85 per cent loan-to-value (LTV) product, with a 6 per cent early repayment charge (ERC) during the discounted period. The MT Select lifetime tracker buy-to-let product has similarly been reduced, to 5.31 per cent, with a 0.50 per cent arrangement fee.

Its core range of discount and tracker mortgages have also been enhanced, with its two-year discount at 5.23 per cent, with a £599 arrangement fee. Its three-year discount rate, at 5.38 per cent is also available, with a £599 arrangement fee.

The Mortgage Trust Core Range lifetime tracker rates have also been changed, available at 5.73 per cent and 6.08 per cent. Both have a £499 arrangement fee and up to 85 per cent LTV. The minimum loan amount on all products is £30,000.

Austin Jelfs, head of sales at Mortgage Trust, said: “With the recent findings from the Royal Institute of Chartered Surveyors (RICS) and the Council of Mortgage Lenders (CML) both reporting a strong rise in tenant demand, and a renewed confidence in the buy-to-let sector, we are extremely confident that our newly reduced tracker and discount buy-to-let products will prove to be popular.”

Commenting on the 5.31 per cent and the 6.08 per cent buy-to-let lifetime tracker products, Kim Barrett, proprietor at KS Barrett & Associates, said: “Mortgage Trust is looking to compete with the likes of BM with rates such as these, and both seem to be good products.”

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