Funds for this scheme are limited so borrowers are being urged to make the most of this offer and act quickly.
The new scheme, available to purchasers and re-mortgages, tracks LIBOR (London Inter Bank Offer Rate) + 0.59% for the life of the loan (currently 5.49%).
Robert Lankey, N&P's head of commercial lending, said: "We believe this rate to be one of the best on the market and BTL investors should move quickly to ensure they can take advantage of this limited offer."
Main details:
-Mortgage interest rate - 0.59% above three month LIBOR for the life of the loan (currently 5.49%)
- 125% rental cover required, calculated at 5.49%
- Available for re-mortgage and purchases (for second time Buy To Let purchase only and 12 months' experience in this market required)
- Borrow up to 75% of the purchase price, or value of the property, whichever is the lower
- Minimum advance £50k - maximum £1m
- Mortgage types - repayment or interest-only
- Minimum term five years - maximum term 25 years (subject to not exceeding the age of 70 at the end of the mortgage term)
- Available for leasehold or freehold properties in England and Wales. If leasehold, there must - Arrangement fee - 0.50% of loan, which can be added to the loan on completion
- Early repayment charges - five percent of the outstanding balance in year one; four percent in year two; three percent in year three; two percent in year four and one percent in year five.
