New mortgage products offer helping hand to property investors
Investors looking to put their money into buy-to-let properties have been given a helping hand with the launch of two new mortgage product ranges.
Platform, the dedicated intermediary mortgage lender of the Co-Operative Bank, has announced the introduction of five new mortgages, all of them geared towards buy-to-let lending.
This new range includes two-year fixed rate products, with rates starting at just 3.69 per cent, as well as both one and two-year tracker mortgages, the latter of which is being offered with rates starting from 3.09 per cent, while all products come with one per cent cashback on all property purchases.
Announcing the news, Platform's business development director Lee Gladwell explained that the intermediary has opted to adjust its rates according to the demands of the market.
"We have launched these new cashback products in direct response to broker feedback that has told us they are the type of offers the market wants," he said.
Notably, Mr Gladwell added that Platform customers will be able to switch between the various products without charge, for instance if their circumstances change and they're keen to pay off more earlier.
At the same time, rival lender Leeds Building Society has launched a new five-year fixed-rate mortgage, again specifically designed for investors putting their money in buy-to-let properties.
This latest mortgage from the northern lender comes with a rate of 4.99 per cent and is available up to 70 per cent LTV (loan-to-value).
According to Leeds Building Society sales and marketing director Kim Rebecchi, this will "benefit first time landlords requiring help with up front costs", while also likely to be of interest to "professional landlords who may wish to move onto a highly competitive rate and fix their monthly commitments".
This comes just days after one legal expert told the BBC's Money Box programme that new landlords should make use of professional property management services before taking on tenants.
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