The range is available for Buy to Let, Self-Cert and Status cases. The product, available for loan-to-values of up to 75%, tracks at just 0.85% above LIBOR, with an arrangement fee of 1% and no early repayment charge after year one.
In addition, Heritable Bank has launched a new suite of two year fixed rate mortgage deals, with terms extending to September 2009. The suite includes a fixed rate of 5.99% (APR 7.7%) for loan-to-values up to 80% and with an arrangement fee of 2%, available on both Buy to Let and Self-Cert cases.
Adrian Scott, Managing Director, Residential Mortgages at Heritable Bank comments: “This new life of loan tracker rate reinforces our commitment to support portfolio Buy to Let landlords, by providing them with a cost-effective tracker rate that can cater for all changes in their property investment portfolio throughout its life. Both the tracker rates and the new fixed rate suite are designed to offer brokers the flexibility to balance the rate payable against the up-front arrangement fee in whatever way best fits their individual customer’s needs.”
