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  • Mortgages & Finance

    New BTL mortgage products & ranges - Jan 2017

    Furness for Intermediaries has launched two new five year fixed rate buy-to-let products to strengthen its product range.

    The first is a regulated (family) buy-to-let product priced at 3.75%. The second is an unregulated buy-to-let product at 3.2%. Both products have a maximum loan-to-value (LTV) of 75%.

    The products, which are available on an interest-only basis, carry a fee of £1,495 with a maximum loan size of £500,000 and a free legal and valuation package for remortgages in England and Wales.

    Meanwhile, private landlords are being offered an opportunity to secure low interest rates for a decade, after Barclays launched a 10-year buy-to-let mortgage fixed at 2.99%.

    The mortgage, which comes with a £2,000 fee, is not subject to strict rental income requirements because of the long nature of the loan, which suggests that some buy-to-let landlords may be able to potentially borrow more than they could on a short-term fixed rate.

    On mortgage products with a term up to five years, the lender requires landlords to demonstrate that their rental income will cover their mortgage payment by a ratio of 145% if their mortgage rate went up to 5.5%. But this rule is waived in favour of a more flexible ‘affordability calculator’ on products that are five years or longer.

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