Lendco launches new buy to let mortgage range
Lendco has launched a new range of buy-to-let products which includes reductions of up to 30bps on five-year fixed rates to sit alongside the existing ERC free and low ERC trackers already available.
The new fixed rates are available on standard properties as well as HMOs and Multi-Unit-Blocks.
The specialist lender offers loans up to £3 million per asset and up to 75% LTV with £10 million maximum borrower exposure. Loans can also be advanced to Ex-Pat and Foreign National borrowers up to £2.5 million per asset.
Highlights of the new collection include:
- Tracker rates from 2.25% over SONIA with ICR stress rates from 6.75%
- Low and zero ERC options so borrowers can switch into a better priced fixed rate in the future via a Product Transfer.
- A range of 5 year fixed rates with tiered product fees reducing the payrate assisting borrowers that wish to fix but affordability is tight.
Alex King – Executive Director of Lendco, observed:
“We feel this new range of products gives both brokers and borrowers alike the options they need to navigate this period of higher borrowing costs.
In addition to our buy-to-let offering, we have bridge-to-let options for borrowers looking to acquire, modernise and improve the energy efficiency of properties before dropping into a BTL loan.
Borrowers can capital raise on the BTL leg so can access a proportion of the value they have created with minimal fuss.”