The product, which is available on both a first and second charge basis, is offered with an initial term of 12 months (and no ERCs) with monthly rates as low as 0.55% per month (6.59% pa) plus fees. The maximum LTV is typically 80% (based on Day 1 value) including any rolled up interest.
Matthew Wyles, Group Retail Director commented:
“The Chancellor’s recent Budget shock on the deductibility of buy to let mortgage interest only, serves to emphasise the importance of maximising the rental value of BTL property. Our product allows the landlord to hold vacant property with, crucially, no need to service interest for up to a year whilst upgrading. Permissible improvements can include both internal and external work provided no planning consent is required. This includes kitchens, bathrooms, wiring and redecoration.”
