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Charcol releases new stepped tracker mortgage

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Mortgage broker Charcol has launched a new buy to let stepped tracker mortgage featuring an initial pay rate of 4.59 per cent.

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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