Huge rise in number of cheap five-year fixed-rate mortgages
According to Elliot Nathan, product development manager for Charcol, the key feature of the deal is that it cuts the amount of rental income that a borrower needs to take out the loan.
This product is all about addressing a demand that has been caused by dwindling rental yields, said Mr Nathan in a statement.
The much lower monthly payments required on this mortgage, when compared to most other BTL loans, will have a substantial effect on the pockets of existing landlords and will also provide a real incentive for any potential new investors, and those planning to expand their portfolio, with a great deal for a new property.
When comparing this deal to other loans on the market, specifically available to 85 per cent loan-to-value, it clearly comes out on top, he continued.
Those with a loan of £100,000 will have to find 20 per cent less to meet the criteria or, put another way, £145 less a month.
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