New Fixed Rate Buy-to-Let Mortgage
Stroud & Swindon have launched a new fixed rate buy-to-let mortgage at 5.89% until 31 August 2009.
This new product is available exclusively through intermediaries for both house purchase and remortgages. There is a maximum loan to value of 75% and the loan is available as a repayment or interest only option.
There is no higher lending charge and those wishing to use this product to remortgage benefit from free valuation and discounted solicitors fees. At the end of the two years the rate moves to 0.5% discount from the buy-to-let Standard Variable Rate. Early repayment charges of 3% apply for the first two years of the mortgage.
Paul Chafer, Sales Director at Stroud & Swindon comments: “With the buy-to-let market experiencing substantial growth at the moment we are delighted to be expanding our offering to include this new two-year fixed rate deal. We are very pleased to be offering this product exclusively through our intermediaries and hope this competitive fixed-rate mortgage will offer our customers the security of knowing exactly what their rental income should be over the next two years.”
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For further information please contact:
Paul Chafer
Sales Director
Stroud & Swindon
01453 768407
Lee Blackwell / Brian Thorn / Karen Butcher The Wriglesworth Consultancy
020 7845 7900
Notes to Editors:
Stroud & Swindon is the 15th largest building society in the UK with assets in excess of £2.8 billion. The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices in the South West, complemented by a direct call centre based in Stroud and website
www.stroudandswindon.co.uk.
Buy-to-let 2-year fix at 5.89%
- Fixed at 5.89% until 31 August 2009
- Moves to 0.5% discount from the buy-to-let SVR at term of the mortgage
- Maximum LTV of 75% for house purchase and remortgage
- Available on house purchase and remortgage
- Available as an interest only or repayment option
- Valuation fees paid by applicant on application on house purchase
- Free valuation fees are available on remortgages under (£600,000)
- Legal fees are payable on house purchase
- Discounted legal fees are available for remortgages
- Subject to completion fees (£599) and reservation fees (£150)
- Early redemption charge of 3% is applicable for the first 2 years of the mortgage.
- Minimum (£30,000) and Maximum (£250,000) loans apply to house purchase and remortgage.
- A maximum loan (£1,000,000) applies to portfolios and additional borrowing requires a minimum loan of £1,000.
- A minimum purchase price of £75,000 per valuation applies