Mortgage Times launches BTL tracker

The product is available on purchases and remortgages.

Product Details:

• 5.09% pay rate (BBR + 0.59% for 2 years)
• up to 85% LTV
• Free valuation on Purchase Only
• Min Loan £150,000 Max Loan £600,000
• £595 Arrangement fee
• Earned income: – 4 + 1 or 3.25 joint, plus up to 6.5 x annual rental income
• Rental Coverage Calculation: 125% of monthly mortgage payments based on interest only at Bank Base Rate (BBR) + 1%

Flexible Features:-

• Overpayments
• Underpayments & payment holidays (subject to overpayments)
• Borrow back facility (min £500)
• Flexible Advance & Drawdown of Flexible Advance (min £500)

Richard Stokes, head of product development at The Mortgage Times Group, commented: "This product combines three important components: the choice of assessing affordability by rental coverage or earned income; free valuation; flat completion fee. With the disparity in trackers and fixes widening recently, we are seeing a shift by our brokers towards the former."

James Chidgey, senior manager, National Accounts at UCB Home Loans, added: "We are delighted to offer our first ever Buy-to-let exclusive to The Mortgage Times Group, a distributor with strong brand recognition in the Buy-to-let market and this new two-year tracker product clearly demonstrates our commitment to The Mortgage Times Group’s Members."