Kent Reliance Building Society has launched two new buy-to-let mortgages and they are available to buy-to-let investors with a 15% deposit.
The lender is offering a two-year discounted variable rate at 5.49% and a three-year discount at 5.69%. After the discounted period the rate payable reverts to Kent Reliance’s standard variable rate, which is currently 6.58%.
Both mortgages have 2.5% arrangement fees and early repayment charges within the discounted period. Monthly rental income must cover 125% of the interest-only mortgage payment and the maximum loan size is £350,000.
Aaron Strutt, a broker at Trinity Financial, says: “Kent Reliance is one of the few lenders that will lend to limited companies purchasing buy-to-let properties. We have access to their mortgage rates and they are cheaper if you have a bigger deposit.”
June 15, 2012