Derbyshire relaunches buy-to-let range

.Borrowers taking advantage of these new deals will benefit from a rate reduction.

Its "3-Year" fixed rate BTL mortgage, with interest fixed at 4.99% until September 30 2008.

An application fee of £795 applies, along with early repayment charges of 6% before 30/09/06, 5% from 01/10/06 to 30/09/07 and 4% from 01/10/07 to 30/09/08. This loan is available for a maximum of 10 properties (£5m max exposure/£500,000 per property) and rental cover is based on the "3-Year" fixed rate.

A second "3-Year" BTL mortgage sees interest fixed at 5.09% until September 30 2008, while its "5-year" equivalent fixes interest at 5.19% until September 30 2010.

The "3-year" loan carries early repayment charges of 4% before 30/09/06, 3% from 01/10/06 to 30/09/07 and 2% from 01/10/07 to 30/09/08, while the "5-Year" deal has ERCs of 4% on or before 30/09/07, 3% from 01/10/07 to 30/09/08 and 2% from 01/10/08 to 30/09/10.

The application fee for both these loans is £495 and they are available for a maximum of 10 properties (£500,000 max per property), with rental cover at 125% of the "3-Year" or "5-Year" fixed rate.

The lender is also re-launching its "3-Year" Discount BTL mortgage with an initial variable rate of 5.39% (1.36% off SVR – currently 6.75%). The application fee is £495 and an early repayment charge of 3% before September 30 2008.

The maximum LTV for all these mortgages is 80% and they are all available through Derbyshire Intermediary Support.

Tony Capon, head of intermediary support and development at The Derbyshire, said: "Reducing the rates on our fixed rate mortgages means that even more Buy-to-Let borrowers can benefit from cheaper loans to fund their property investments.

"We are confident that the Buy-to-Let sector will continue to prosper and the market has become an integral part of our product portfolio. These significant enhancements to our Buy-to-Let mortgage range mean even more borrowers will be able to reap the rewards of investing in this market."