The Cambridge building Society has just reduced interest rates on its buy-to-let mortgage products, despite an increase in applications for these fixed- and discounted-rate loans. Available direct from the Society or via mortgage brokers, the reduction of up to 0.25% is set to further increase interest from property investors.
"We have seen an increase in interest around our buy-to-let products and wanted to support the market with a more competitive product for those people seeking a two-year fixed rate product."
There are three buy-to-let rates that have been "refreshed" by The Cambridge, as follows:
The fixed-rate loans are for a maximum of £250,000 and have an application fee of £199 and a completion fee of £1,800. The discounted-rate mortgage is for a maximum of £750,000: this also comes with a £199 application fee, with an additional 1% of the loan payable on completion. All these mortgages revert to 4.99% after two years.