For all those NMD cashback junkies I can put you out of your misery:
The 85% LTV buy to let mortgage is BACK!
No joke. Here is the good news:
1. Minimum purchase price £40k
2. Ex - local authority houses accepted
3. 100% rental cover
4. Interest only
5. Blemished credit history okay! - up to 2 consecutive missed payments on a credit card and 1 CCJ allowed (max £250)
6. After the fixed rate period the rate is 1.49 above bank of England base rate
7. They do remortgages fee free!
Now for the bad news:
1. Maximum number of properties is 5
2. The rate is 7.54 fixed for 3 years
3. No HMOs (student lets ok)
So if we find a property which is 20% BMV you will get the property no money down with probably some cashback. If we find a property 30% BMV then you will get one hell of a cashback! We are finding 30%+ all the time. Some of the stuff I have seen is 40%+ BMV.