Irish Permanent is releasing a flexible tracker mortgage for landlords with borrowing requirements of over £250,000, up to £1m.
The tracker, at 1.24% above base rate, aims to make Irish Permanent the market leader in the buy-to-let sector. The lender is hoping to double its business.
Michael Healy, manager at Irish Permanent, said: “For many lenders, £250,000 is the cut off point. They are not willing to take their clients one stage further because they are happy with the present lending arrangements. We intend to fill that gap in the market.”
Borrowers can obtain up to 80% LTV from the product, which has no redemption penalties and the tracker lasts for the life of the loan.
l Sun Bank has joined forces with the Portman Building Society to sell its buy-to-let range through Portman’s branches. Until now, Portman had no buy-to-let products on offer.