Buy To Let Date:
Hanley Economic Building Society has launched a new two-year discounted variable buy-to-let mortgage, earning it an 'excellent' rating for its competitive terms.
This mortgage has a variable rate of 3.50% (1.69% disc) for two years, the lowest rate currently available in its sector. It is available at a loan-to-value (LTV) of 80% and has absolutely no product fees.
Second-time buyers and those looking to remortgage their rental property are welcome to apply for the mortgage, provided they have a 20% deposit. Although no incentives are offered with this deal, it is possible to make overpayments of up to 10% of the outstanding balance, giving borrowers the opportunity to reduce the balance of their mortgage.
This deal boats the lowest rate currently available in its sector, and when combined with the absence of any product fees, it stands out as a cost-effective offer. Landlords with a smaller deposit who are looking to keep upfront costs down are therefore likely to view this mortgage with a great deal of interest.
Moneyfacts rating: Excellent
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