The purchase and remortgage loan is for landlords keen to undergo light refurbishment before renting the property. The initial rate is 5.89% variable (SVR + 0.5%) for two-years with a 2.5% arrangement fee.
The initial advance is up to 75% of the current value, with up to 75% of the afterworks value available on completion of the works.
Andy Young, chief executive at TBMC, (pictured) said: “This product from Saffron Building Society is unique in the marketplace as it offers up to 75% of the end value, which enables landlords to recoup the money they have spent on refurbishment as soon as the work is finished.
“Carrying out minor refurbishments, such as installing a new kitchen, can make a huge difference to the attractiveness of a property and can really impact potential rental charges.”
PMS and Sesame have launched an exclusive base rate tracker with The Cambridge BS.
The two-year mortgage products will be available at 80 per cent loan to value (LTV) at 3.39 % and 85% LTV at 3.89%.
The loans are offered with a £199 application fee and a £700 completion fee up to a maximum loan of £250,000 for clients wishing to purchase or remortgage in Cambridgeshire, Norfolk, Suffolk, Essex, Hertfordshire, Buckinghamshire, Bedfordshire and Northamptonshire.
There is also a free remortgage service, including a free standard valuation and free legal services.
Robert McCoy, senior product and communications manager for mortgages at Sesame Bankhall Group, said: “With the market speculating the base rate will not rise for the foreseeable future, now is a good time to launch these tracker deals. The Cambridge normally only offers fixed products, or those which are discounted from its standard variable rate and so we look forward to developing our relationship with The Cambridge with these exclusive mortgages.”
Tracy Simpson, mortgage and intermediary sales manager at The Cambridge Building Society added: “Listening to what intermediaries want is important and in this case, appointed representatives of Sesame network and members of PMS have shown an interest in higher LTV tracker products.”
