Alliance & Leicester wholesale buy-to-let mortgage launched

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Alliance & Leicester wholesale buy-to-let mortgage launched

The Alliance & Leicester wholesale buy-to-let mortgage has been introduced by the bank and is designed for landlords with a portfolio of mostly residential property.

Specifically, the Alliance & Leicester wholesale buy-to-let mortgage is intended to cater for professional landlords who can boast a portfolio that contains either in excess of five properties or is worth £1 million or more.

A maximum portfolio loan-to-value of 75 per cent is offered on the product but in some cases, Alliance & Leicester will allow a 100 per cent loan-to-value where the individual portfolio allows this.

Charles White, director of strategy and commercial property lending at Alliance & Leicester, stated: "Our wholesale buy-to-let product is designed to offer flexibility and committed funding for professional landlords to facilitate active portfolio management.

"We are confident that the new product will meet a demand that is not currently widely catered for."

Alliance & Leicester offers a facility on its website that enables the customer to ascertain the appropriate mortgage deal to suit their needs whether they wish to track the Bank of England base rate or save money in the opening years of the product.

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