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Welcome to MFB-TV on Wednesday 27th November. Many of you kindly contributed to our latest
Property Investor Survey and the results are out today on our website and, perhaps unsurprisingly,
many of you are looking to expand your portfolios but need finance to do so. We have also done
some analysis on what sorts of properties you are looking to buy and that, along with
a lot of extra data, we are feeding back to the lenders as I record this TV report. However
to read the full report go to our website. At this time of the year there are still some
new products coming out from the lenders so I've got two for you today. One from Santander
which is fixed at 2.99% for 2 years and it has a flat arrangement fee of £1,495, plus
£250 cash back on completion and a free valuation. So it's up to 75% up to £750,000 of loan
amount and, as you would expect from a product like this, there us a 3% early redemption
charge inside that initial period. However with a flat fee it is particularly attractive
to those of you with larger loans. Now, for more experienced landlords we also
have a product from Metro Bank at base + 4.39% for 2 years reverting to base + 4.50% and
a 2.5% arrangement fee [correction 1.5% arrangement fee]. This caters for larger properties with
loan amounts up to £2.5 millions and again 75% LTV [correction 65% LTV]. It has an ERC
2% in the first year and 1% until the end of year two from drawdown, 10 years interest
only. This also works for limited companies with no additional loading and it is for large
landlords who fall outside the net of the vanilla buy to let landlords. It is however
exclusive to London and the South East quality postcodes.
Now there will be many of you who have mortgages with BM Solutions that are coming up to expiring
and BM have a range of products that allow you to a product transfer rather than falling
onto their back book rate. For one example here for people who have borrowed up to 60%
you can switch onto a 2 year new fixed rate at 3.79% saving 22% on the current interest
rate on base rate and have no arrangement fee, no new additional underwriting and the
transfer can be done in a matter of days, so you enjoy the same terms as your existing
facility but it is a one for one swap. For those of you looking to raise additional finance
on that property there are of course a range of other BM Solutions products available.
This is one example of a lender trying to help landlords out rather than letting revert
to the high back book rates. For this and all the other products do give
us a call on 0845 345 6788.