Buy To Let Date:
Cumberland Building Society has reduced the rate of its two-year discounted buy-to-let mortgage by 0.10%, securing it a well-deserved 'excellent' rating.
This mortgage now has a discounted variable rate of 2.19% (3.21% disc), the lowest currently available in its sector. It is available at a loan-to-value (LTV) of 60% and has a fee of £995.
This deal is available to first-time buyers, second-time buyers and remortgagors with a 40% deposit. Although there are no incentives available, borrowers do have the opportunity to make overpayments of up to 10% per annum.
Landlords with the right deposit are likely to welcome this rate decrease, especially as this deal already has the lowest rate available in its sector. The fact that overpayments are allowed is also likely to be celebrated, as it gives borrowers some welcome repayment flexibility.
Moneyfacts rating: Excellent
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