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Zero fee buy-to-let mortgage is launched

Zero fee buy-to-let mortgage is launched

Specialist buy-to-let lender Mortgage Trust has launched a new two-year fixed rate deal, with a zero product fee.

The market leading buy-to-let product fixed at 4.25% also comes with the added benefit of a free valuation and is available to private investor landlords purchasing or remortgaging a single self-contained property.

John Heron, director of mortgages, said: “As far as we are aware, this is the very best two-year fix with no product fee in the buy-to-let market.

“There has been a trend over the last few years for landlords to buy – or intermediaries to sell – deeply discounted products with high product fees. Such products have their place in the market but landlords need to be aware that these erode equity and therefore reduce future options.

“This is a great product which does what it says on the tin – a top value fixed rate for buy-to-let borrowers.

“We don’t expect that this product will be around for long, so intermediaries will need to move quickly to secure this fixed rate for their landlord clients.”

Meanwhile, the Buy to Let Business has launched a new product with Hinckley & Rugby Building Society for landlords.

It has a 2.69% two-year discounted rate and is available at 60% LTV. It has a £1,250 completion fee (which can be added to the loan as long as it does not exceed the maximum LTV) and a £250 booking fee. Free valuation is offered on properties valued up to £1m. The maximum loan is £300,000 and there are no early repayment charges.

It is available exclusively through brokers who belong to the Buy to Let Business mortgage club.