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L&G launches exclusive BTL deals with Cambridge BS

  • 30/07/2012
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L&G launches exclusive BTL deals with Cambridge BS
Legal & General Mortgage Club has partnered with The Cambridge Building Society to launch an exclusive pair of buy-to-let (BTL) deals.

Available to all L&G members, a 3.49% one-year fixed rate mortgage is offered with a £199 upfront fee, 3% fee on completion and a 3.99% three-year fix with £199 fee payable upfront and 3.5% on completion.

Both deals are available up to 75% loan-to-value (LTV) and the maximum loan size is £750K. The mutual allows 10% overpayments per annum with the rental calculation is based on 125% of the reversion rate, currently 4.99%.

Martyn Smith, head of mortgage products at Legal & General Mortgage Club, commented: “We have an excellent relationship with the team at The Cambridge and an opportunity arose for us to work together on these buy-to-let exclusives.

“We have seen a great deal of interest for products priced with a low headline rate, so these exclusives should prove very popular amongst our members.”

Andy Lucas, commercial director at The Cambridge BS, added: “These new products are great news for Legal & General Mortgage Club members and widens the choice of deals that they can offer to their clients.

“We are keen to continue our support for lending in the buy-to-let sector as the demand in this market remains high.”

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