06 September 2007
New mortgage for those looking at taking on tenants
Saffron Building Society has launched a new product for those thinking about taking on a Buy-to-Let property.
The Society's Buy-to-Let tracker has been praised by Moneyfacts for its competitive rate of 5.75%, which tracks the Bank of England base rate for two years and then changes to 6.50%, tracking the Bank of England base rate plus 0.75% for the life of the loan.
The mortgage also benefits from no early repayment charges and is available for up to 85% of the property's value or purchase price. The product is also suitable for established landlords looking to expand their portfolio, as Saffron will lend for up to ten properties per individual.
Andrew Hagger, Head of News and Press at Moneyfacts said: "The combination of a low initial rate, a low revert to rate and the fact that there are no early repayment charges, certainly make this product worth a look in the current Buy-to-Let market.
"The percentage based arrangement fee means that you'll need to ensure that your financial adviser carries out a search based on true cost to confirm that this product is the most suitable for the size and term of advance required."
Andy Golding, Saffron Building Society chief executive, said: "Saffron Building Society now offers a great range of Buy-to-Let products, including some with no fees.
"We think this mortgage has one of the most competitive rates available and the wide range of mortgages we offer means that there is likely to be a product which meets any prospective landlord's needs.”
