Key features of the new range include:
- Available up to 90 per cent loan to value (LTV)
- Wide choice of fixed, discounted and tracker rates over periods from 12 months to 3 years (fixed rates from 5.35 per cent)
- Two and three year fixed rate deals with no overhanging early repayment charges(ERC's)
- Up to £500,000 per property and portfolios of £1.5 million
- No higher lending charges
- Choice of arrangement charges, which can be added to the loan (along with fees)
- 120 per cent rental cover based on initial rate interest only basis
- No rental calculation on 'house to let' product
- Over payments allowed & mortgage term up to 30 years
Sales Director at Mortgages plc, Pete thomson said: "Mortgages plc has operated in the non-conforming buy to let market for many years but this is our first venture into mainstream buy to let lending and as such is a milestone in our evolution as a specialist lender. By combining our specialist underwriting approach with meeting the needs of prime borrowers we have the potential to make a major impact in this sector.
"The buy to let market has continued to hold up well and buy-to-let now accounts for 14 per cent of all mortgages handled by mortgage intermediaries, compared to just 6 per cent in 2001. We have designed our new range to hold broad appeal to both individual buy-to let-investors and landlords with portfolios. Initial feedback from intermediaries has been excellent and we anticipate this range proving to be very popular."
