Saffron launch refurb BTL 5-year fix

Saffron For Intermediaries has announced that it has launched a 5-year fixed rate deal for landlords wanting to refurbish properties.

Related topics:  Finance
Warren Lewis
23rd February 2017
House Graphics 1
"Our specialist buy-to-let products not only feature attractive fixed rates, but also accommodating criteria"

According to Saffron, the refurb BTL will be at 4.77% fixed for 5 years until 31/10/2022 (then SVR, currently 5.39%, thereafter), have max LTV of 75% and is aimed at landlords wanting to purchase or re-mortgage a property that requires light refurbishment before being let (work must be completed within 3 months of completion) and carry an arrangement fee of 2%.

Further deatils are as follows:

• Rental cover: 140% calculated at the pay rate
• Min & max loans: £30K min: £1m max
• ERC: 3% of the outstanding balance during the fixed rate period
• Overpayments: 10% per annum penalty free

Saffron also announced that it has launched  a new product for expats purchasing or remortgaging rental property, the details for this are below:

Expat BTL

• Rate: 4.97% fixed for 5 years until 31/10/2022 (then SVR, currently 5.39%, thereafter)
• Rental cover: 140% calculated at the pay rate
• Max LTV: 65%
• Purpose of loan: For UK nationals living abroad, wanting to buy or remortgage rental property in the UK
• Arrangement fee: 2.5%
• Min & max loans: £30K min: £1m max
• ERC: 3% of the outstanding balance during the fixed rate period
• Overpayments: 10% per annum penalty free    

Anita Arch, Head of Mortgage Sales, said: “Our specialist buy-to-let products not only feature attractive fixed rates, but also accommodating criteria. For example, there are no country restrictions on the expat product and the light refurbishment deal enables landlords to purchase or remortgage property and make alterations before the property is let out. Additional funds can also be released after a satisfactory re-inspection and confirmation of improved end-value and rental income.”

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