Bananas House 2 House mortgage launched
www.moneynews.co.uk > Mortgages > Bananas House 2 House mortgage launched
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Money News |
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Bananas House 2 House mortgage launched
Wed 14th Dec 2005
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The new tracker mortgage targets people whose rental income does not qualify them for other types of mortgages, according to the online news service Mortgage Introducer.
Bananas says that the product is designed for new investors who wish to escape the rental income proof.
Sue Cox, business manager at Bananas, said: "There are a lot of budding property investors out there who, because of house price rises, cannot obtain finance because their rental income does not cover lenders' mortgage payment multiples.
"They are unable to move forward because of the existing rules."
The new Bananas House 2 House mortgage, which tracks the bank base rate until December 31st next year, only requires customers to state their own income.
A standard buy-to-let mortgage, by comparison, requires that a landlord's rental income cover up to 150 per cent of mortgage payments.
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