The lending criterion for the product is aimed at lending against property located within Zone 1 of the London Underground map.

 

Whilst the LTV offered is up to a conservative level of 60 per cent, the product provides very cheap funding for both residential and commercial loans with interest rates at sub 1 per cent per month.

 

Montello are confident that the product will be very popular, particularly for loans against commercial property.

 

To celebrate the launch of the new product, Montello are offering double broker commissions on Zone 1 deals introduced during the month of January.

 

Christian Faes, Managing Director of Montello explains: "Basically the broad criterion for this product is that the property is located within Zone 1 on the London Underground. It doesn't need to be 'prime property' per se, but geographically located within central London. If the property is within this area, then we can be very competitive. We can then offer a very attractive rate, and can also offer those rates against commercial property.

 

“In addition to this, we expect that double broker commissions for deals received in January, will provide an attractive incentive for brokers to start the year off with a Montello Zone 1 loan."