West Bromwich Buy-To-Let mortgage unveiled

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West Bromwich Buy-To-Let mortgage unveiled

Tue 18th Apr 2006

A West Bromwich Buy-To-Let mortgage has been introduced today, with a pay rate of 4.75 per cent.

The package is available for purchase or remortgage up to an amount of £1 million to 75 per cent loan to value (LTV), or £500,000 to 85 per cent LTV.

No restriction has been set on the number of properties that can be held up to a maximum portfolio value of £10 million and rental cover is calculated at 120 per cent of the company's lowest buy-to-let pay rate – currently 4.75 per cent.

Interest will be calculated on a daily basis and overpayment, underpayment and payment holiday features are also included with the mortgage.

Paul Marland of West Bromwich said: "Confidence in the buy-to-let market remains high. A survey conducted at the recent Homebuyer Show revealed that more than 70 per cent of property investors are planning on buying more property during the year ahead."

The West Bromwich Buy-To-Let mortgage does not have early repayment charges but does have an arrangement fee of 1.5 per cent that can be added to the loan and a procurement fee of 0.35 per cent, to a maximum of £1,000, is payable to intermediaries.