Kensington buy to let mortgage market with an 85% loan to value and at first glance it looks very tempting, particularly if you have been waiting to remortgage existing purchases but were unable to due to the existing LTV.
In case you missed it, here are the highlights:
New 85% Buy to Let product:
* 2 year fixed rate at 5.99%
* 2.50% arrangement fee
* 120% RCR
* 5% ERC’s
* Reverts to 5% above LIBOR at the end of the fixed rate term
* No Credit Score
It is worth also noting the criteria:
The minimum property value is £90,000
You must have owned the property for 12 months in order to apply for a remortgage
It is available to new landlords
Minimum income requirement is £30,000.00 which must be provable
Minimum age is 25, maximum is 75
Up to 3 mortgages allowed per applicant regardless of how many you have with other lenders
The minimum rent required for a property valued at £90,000 is £460 pcm