Complex Buy To Let
Lendco brings out five-year fixed BTL deals
Specialist lender Lendco has introduced a range of five-year fixed buy-to-let products and cut select existing five-year fixed rates by up to 30 basis points.
The five-year fixed rates are available on standard properties as well as houses in multiple occupation (HMO) and multi-unit blocks (MUB).
Loans are available up to £3m per asset and up to 75 per cent loan to value (LTV) with £10m maximum borrower exposure.
Expats and foreign national borrowers are also eligible for loans up to £2.5m per asset.
Tracker rates from 2.25 per cent over the swap rate and interest coverage ratio (ICR) stress rates are priced from 6.75 per cent.
Low and zero early repayment charge options are available so borrowers can switch deals in the future through a product transfer.
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Alex King, executive director of Lendco, said: “We feel this new range of products gives both brokers and borrowers alike the options they need to navigate this period of higher borrowing costs.”
“In addition to our buy-to-let offering, we have bridge-to-let options for borrowers looking to acquire, modernise and improve the energy efficiency of properties before dropping into a buy-to-let loan.
“Borrowers can capital raise on the buy-to-let leg so can access a proportion of the value they have created with minimal fuss.”