N&P launches buy-to-let mortgage

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.