The product is available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.
The buy-to-let product consist of a base rate tracker + 0.49 per cent for two years giving an initial charging rate of 5.24 per cent, followed by Bank of England Base Rate + 1.95 per cent for life.
The product comes with the following features:
• Early redemption penalty – 6 per cent year one, 5 per cent year two
• £799 arrangement fee
• Available up to 85 per cent loan to value
• Procuration fee 0.50 per cent
• Min and max loan size: £25,000 up to £1 million
Justine Tomlinson, marketing director at Mortgage Next, said: "Demand in the buy-to-let market remains strong. CML data published recently shows that buy-to-let loans extended to landlords reached a record £17.5bn in the first half of 2006, which is 20 per cent up on the second half of 2005.
"This two-year base rate exclusive tracker is competitive within today’s market and I have no doubt this deal will be very popular with brokers and borrowers."
