Whiteaway Laidlaw Bank launches new buy to let product

Whiteaway Laidlaw Bank launches new buy to let product




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Whiteaway Laidlaw Bank has announced the launch of a 3 year fixed rate buy to let mortgage product, available for both purchases and re-mortgages.

The new product offers a fixed rate of 4.84% for 3 years, with an arrangement fee of 2.75%. The arrangement fee can be added to the advance, provided that the LTV limit of 70% is not exceeded.

Rental cover of 145% is required (calculated at the pay-rate) and an early repayment charge of 3% applies during the fixed rate period. The maximum mortgage per property is £250,000 and each borrower is limited to owning four rental properties across all lenders.

The bank, owned by Manchester Building Society has seen its assets double to nearly £900 million during the last five years. Known for its banking services to small and medium sized enterprises, 90% of its mortgage business is received through intermediaries.

Commenting on the launch, Bruce Tyler, Chief Executive, said: “Following the success of the previous 3 year fixed rate product, we are pleased to be able to issue this replacement product at a lower rate of interest. Whilst we continue to have 2, 4 and 5 year fixed rate products available, it is clear that the 3 year product has been the most popular. All other criteria remains unchanged and the procuration fee on all Buy to Let products remains at 0.5%.”

 

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