This 60% LTV rate is the lowest on the sourcing system with a pay rate of 2.69% discounted for two years, with a £2,249 arrangement fee and a £250 booking fee. This product also offers a free valuation for properties up to £1,000,000, and no early repayment charges. Rental cover is 135% @ 2.69%.
Ying Tan, The Buy to Let Business Managing Director, said:
“This incredibly low rate is ground-breaking for the buy to let sector. In all my years I have never seen such a low rate for buy to let and given a flat fee, free valuation and no early repayment charges it has blown me away.
"For a property worth £250,000 at 60% the loan size is £150,000. The monthly mortgage payments for an interest only mortgage will be as low as £336, and the rent required to get the full level of funding is only £454. Most properties at this value would rent out for in excess of £1000. This product will give landlords remarkable cash flow, at a time when cash is king!"
Carolyn Thornley-Yates, Business Development Manager at Hinckley and Rugby Building Society, said:
“Following a very strong start to the year we are looking to further increase application levels by offering this market-leading exclusive product to The Buy to Let Business. We are sure that landlords with at least 40% equity in the property will appreciate the very low charging rate, flat fee structure and free valuation.”
