Buy To Let Date:
Saffron Building Society has released a new three-year discounted variable rate mortgage for landlords, which has earned four stars for its terms.
The basics… This buy-to-let deal has a rate of 4.89% at a loan-to-value (LTV) of 80%. A fee of 2% of the mortgage advance is payable.
The finer details… This mortgage is aimed at second-time buyers and remortgagors. Repayment flexibility is offered with the option to make overpayments of up to 10% of the mortgage advance.
Those who wish to redeem the mortgage within the three-year timeframe will be pleased to note that this deal has no redemption fee.
Although this mortgage has a high fee, the rate offered at this LTV is very attractive, meaning that this deal is likely to appeal to experienced landlords. The ability to make overpayments and the absence of a redemption fee (provided certain conditions are met) are added bonuses.
Four Moneyfacts Stars have been awarded.
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