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PTM launches its lowest ever buy-to-let rate

Property Tribes Mortgages Offline Mute
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07-03-2013,10:22 AM
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PTM launches its lowest ever buy-to-let rate

Property Tribes Mortgages has launched two new exclusive buy-to-let mortgages through Hinckley & Rugby Building Society. These include a 2.72% two year discount (2.92% off the lender’s SVR) up to 60% LTV with a £2495 arrangement fee, and a 2.85% two year fixed rate up to 60% LTV with a £1950 arrangement fee. Both products have a free valuation for properties up to £1,000,000, a cashback of £250 and there are no early repayment charges.

Andy Young, at PTM, said: “We have been working closely with Hinckley & Rugby to design highly competitive buy-to-let mortgages to meet the needs of landlords and these new 60% LTV products are outstanding. The 2.72% two year discount is, in fact, the lowest buy-to-let rate that PTM has ever offered. The free valuation for properties up to £1,000,000 and £250 cashback makes it even more attractive in the current marketplace and we are expecting a high level of interest.

“For landlords who prefer to fix their monthly costs, the 2.85% two year fixed rate is an excellent choice. These new product offerings demonstrate Hinckley & Rugby’s commitment to the buy-to-let mortgage market and to selective distribution through specialist buy-to-let brokers like PTM.”

Carolyn Thornley-Yates, responsible for intermediary development at Hinckley & Rugby, said: “The buy-to-let mortgage sector is becoming more competitive and the demand from landlords is ever present. Hinckley & Rugby has kept a close eye on recent buy-to-let developments and has the capability to re-design its products to meet the changing environment.

“These new 60% LTV rates are keenly priced and provide a great opportunity for landlords currently looking to purchase or remortgage buy-to-let properties."


To discuss you buy-to-let mortgage requirements please call the PTM Support Team who will be happy to help - dial 029 2069 5480. Alternatively you can use the free online buy-to-let mortgage finder on our website at:

www.propertytribesmortgages.co.uk
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Terry_Beavis Offline Mute
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07-03-2013,12:48 PM
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RE: PTM launches its lowest ever buy-to-let rate

So after 2 years you pay 5.64% on their SVR with 60% LTV - why would someone sign up to that?
Add £100/month for the 2 year 'discount'/fix to account for the admin fee and it gets even better - not!
How about giving us a comparison? What's the market leader for a rate tied to BBR for life? Given that rates are likely to stay low for a while what's the cost for comparison over 5 years - assume BBR stays the same for 2 years then goes up 1% per year (unlikely IMHO) for 3 years.
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ian2128038772 Online Mute
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07-03-2013,02:15 PM
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RE: PTM launches its lowest ever buy-to-let rate

Personally I am mostly interested in mortgages that are fixed for at least 5 years, or a tucker for at least 5 years. I do not trust the bank to keep their SVR reasonable.

I know people will say I should plan to remortgage every 2 years, but what if I can’t get a good mortgage in 2 years time? There is also all the time and effort of remortgaging.
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Terry_Beavis Offline Mute
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07-03-2013,02:49 PM
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RE: PTM launches its lowest ever buy-to-let rate

Ian,
I am with you there - remortgaging every 2 years was fine until 2007 but now I want the deal be the best for me over 5 years and then go to a rate that cannot be manipulated as per Bank of Ireland recently!
Terry
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Property Tribes Mortgages Offline Mute
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07-03-2013,05:02 PM
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RE: PTM launches its lowest ever buy-to-let rate

Hi Terry

This new rate has just been released this week and the low initial rate together with the free valuation, £250 cashback and no early repayment charges have generated lots of interest from landlords looking for shorter term deals.

However, the benefit of the PTM service is that you can source from around 400 different buy-to-let mortgages. You can also sort products by specific criteria such as 2yr, 3yr, 5yr and lifetime deals and compare initial rate, APRs, fees etc. in order to find one to suit your individual requirements.

Best regards, PTM
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Stuart Abrams-Humphries Offline Mute
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07-03-2013,05:40 PM
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RE: PTM launches its lowest ever buy-to-let rate

out of interest why aren't the fees added to the apr?
a lender could offer 0.1% apr but with £10000 fees per £100,000 .....

(generally query not just regarding this post!)
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Terry_Beavis Offline Mute
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07-03-2013,06:17 PM
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RE: PTM launches its lowest ever buy-to-let rate

PTM,
I was just passing comment on the deal not PTM. I really do not get why in this climate people would sign up to a deal:
A. For just 2 years in this climate.
B. With such a high fee when you would be mad to stick with it when it reverts to the SVR.
The bank is pushing all of the risk on the customer and charging a premium for it.
It doesn't surprise me this is popular but I would hazard a guess it is popular with newbies/inexperienced/accidental renters that still think it is easy to make money on BTL and are looking at the past rather than ahead.
I would take 3% above BBR for life rather than this deal and I know there are better deals than that out there for 60% LTV!
Terry
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imani Offline Mute
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07-03-2013,10:18 PM
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RE: PTM launches its lowest ever buy-to-let rate

Out of interest...why is the arrangement fees so high Huh
At 60% it does appear as though the Bank is carrying relatively little risk. I would be put off by the large arrangement fees. It looks too exploitative. Maybe it isn't. But to me that is how it looks.
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steven_ball Offline Mute
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07-03-2013,11:03 PM
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RE: PTM launches its lowest ever buy-to-let rate

It is high if you are looking at low value proerties but if you are looking at 300k + property as a percentage it is not that bad. If you were looking at 1m property it would be a really good deal I guess. As long as you have the 40% deposit of course!
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