80% Buy To Let Mortgages Return

The Mortgage Works have today released a new range Buy To Let mortgages. Their new 80% LTV range includes fixed and tracker products starting from 4.69%, with a range of arrangement fee options, the product highlights are as follows:- 

• 1 year fixed at 4.69% with a 2.50% arrangement fee
• 1 year tracker at 4.69% (BBR + 4.19%) with a 2.50% arrangement fee
• 18 month fixed at 5.49% with a 2.50% arrangement fee
• 2 year fixed at 5.99% with a 2.50% arrangement fee
• 3 year fixed at 5.99% with a 3.00% arrangement fee

 Just a couple of criteria points to take in to consideration when applying to Mortgage Works: 

• Minimum purchase price is £60,000;
• Cannot be a property developer – the outline definition of this is you can’t have built properties in the past or present.  However, it is OK to be a full time property investor;
• Don’t require a minimum income;
• Don’t require applicant to have been employed/self employed for a minimum period of time;
• To apply for 80% ltv you have to have been a landlord for at least 6 months;
• Wont lend on new build apartments;
• For purchase applications, the deposit has to come from your own funds and proof maybe required - for example a bank account that shows accumulating funds.

For further information please call and speak with your adviser - 0191 5482200