The three-year tracker has an interest rate of Bank Base Rate plus 0.8%, giving a current rate of 4.8%. Loan-to-values are available up to 85% with a lending limit of £300,000.
Borrowers receive a £650 cashback payment upon completion of the mortgage, which is being launched by Bananas Inc with the support of Platform Home Loans.
The full-status product is available to the employed and self-employed, for purchase and remortgage. A clean credit history is required.
Sue Cox, Business Development Manager at Bananas Inc, said: “This product has a very attractive headline interest rate for a buy-to-let product. Brokers will have to search very hard to get a three-year tracker deal to match BBR plus 0.8%. The cashback is the icing on the cake.”
“This is going to be popular with brokers who have clients looking for very competitive BTL rates.”
The mortgage carries a completion fee of £395, which can be added to the loan. The procuration rate is 0.3%. Redemption interest is 6% during the first three years of the mortgage.
Once the three-year redemption period has passed, borrowers revert to Bank Base Rate plus 1.95%. MIG is charged from 75% loan-to-value at a rate of 6.95%.
