So you thought all 75% LTV buy to let mortgages carry high arrangement fees?  Think again.  I have found a lender who accepts applications from the borrower directly so no broker will offer you this deal.

The deal is pretty amazing.  £199 ARRANGEMENT FEE!  Can you believe it?  Right in the middle of a credit crunch there is a lender out there that is showing mercy.  So you would think it has a high interest rate right?  Wrong again.  Here is the rate:

4.69%

Nice eh? 

And it gets even better.  Survey fee is refunded on completion.  How awesome is that?

So what is the catch?  Well it is hard to find really.  Restrictions include:

• Properties must be in England & Wales only
• No flats (boo!)
• No HMOs
• Based on your income as well as the rental income

So it is a buy to let mortgage which checks out not only the rental income but yours too.  Could be restrictive but you can only suck it and see.  This deal was only released last week and is probably getting ramraided by a few hungry investors.

I think they restrict the deal to up to 10 mortgages which comes as no surprise but I could be wrong.  So it is worth a try to get a lending history with this lender as they may increase at a later date.

To find out about this lender read my blog in propertyhotspots.net.  it only costs £5 to join.

JOIN NOW

 

Ajay

 

 

Posted on: 8th May 2010

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