John Charcol unveils buy-to-let mortgage brace
April 4, 2007 by admin
Filed under News, News-Mortgages
Mortgage broker John Charcol has launched two new tracker mortgages for buy-to-let investors, with rental cover requirements which are “not too onerous”.
One of the John Charcol mortgages possesses a 90 per cent loan-to-value (LTV) rate and will track the Bank of England base rate at plus 0.74 per cent for the term.
No early repayment charges apply and rental cover of 100 per cent is also applicable to the deal.
The group’s other package has a maximum LTV rate of 85 per cent and is available to both new purchasers and remortgagers.
Its rate is set at the Bank of England base rate plus 0.39 per cent, with the fee for the package set at £999.
Ray Boulger, senior technical manager at the broker, said that with gross rental yields on many other packages seriously restricting choice, the two mortgages “have been designed with rental cover requirements that are not too onerous”.
He added: “For most buy-to-let investors the choice for the best value mortgage tracker is now primarily between taking out a cheaper two-year tracker, with a view to continuing to take up a new deal every two years, or securing the convenience of a lifetime tracker at a slighter higher rate.”
