Buy To Let Date:
Cumberland Building Society has reduced the rate of its discounted variable rate buy-to-let (BTL) mortgage by 0.05%, earning it an 'excellent' rating in the process.
This deal now has a discounted variable rate of 2.63% (2.77% disc) for two years at a loan-to-value (LTV) of 75%, making this the lowest rate currently available at this lending tier in its sector. A reasonable fee of £995 is payable.
This mortgage is available to all borrowers with a deposit of 25%. No incentives are offered, but borrowers do have the option to make overpayments of up to 10% of the outstanding balance per annum.
The rate cut to this deal has heightened its competitiveness considerably, something that is sure to be unmissed by landlords. Although this deal lacks an incentive package, the advantages of a reasonable fee and the option of overpayments more than make up for this.
Moneyfacts rating: Excellent
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