According to the lender, the three mortgages are a two-year discount, a two-year fix and a five-year fix. All are available at up to 70 per cent LTV and are designed for properties held within special purpose vehicle (SPV) limited companies with up to four shareholders.
The two-year discount charges 2.99 per cent, the two-year fix is at 3.10 per cent and the five-year fix charges 3.55 per cent interest. Each mortgage has an application fee of £250. The completion fees are £1,250 for the two-year mortgages and £999 for the five-year fix. Each has a scale valuation fee.
The discount has no ERCs. The two-year fix has ERCs of two per cent during the fixed period. The five-year fix ERCs step down from five per cent in year one to one per cent in year five.
Carolyn Thornley-Yates, Hinckley & Rugby head of sales and marketing, said: “We invite all advisers to explore our range of BTL products for limited companies.
It’s an option for intermediaries and their clients to consider, given the appetite for BTL investment and the tax regime faced by investors. By talking to us about their ambitions we can bring our manual underwriting into play for their clients.”
