The mortgage, is priced at 5.39 per cent and has a 2.5 per cent arrangement fee. The offer also has no extended early repayment charges or higher lending charges.
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Optoma has set the minimum loan on the product at £40,000, while there is also the option of free legals and a free valuation for remortgage clients.
Commenting on the product, Chris Smith, new business manager at Optoma, said: “We have seen continued demand for innovative products which allow buy-to-let investors to maximise their borrowing potential and this product certainly does that. The addition of free valuations and legals is a real bonus and we expect that this will prove very popular with anyone looking to release equity for further purchases or just secure a good rate.”
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Jon Burridge, managing director of Quantum Mortgage Brokers, believed the product would arouse interest among investors looking for a two-year product.
He explained: “With no early redemption penalties, as long as the loan-to-value is there, it is pretty good. It is keenly priced and would attract investors looking for a product which was two-years in and out. It certainly offers some niche opportunities for the right investor.”
