Birmingham Midshires offering large mortgage loan remortgage rates
Birmingham Midshires, the broker-only lending arm of Lloyds Banking Group, is providing existing buy-to-let customers with remortgage rates.
The lenders lowest rate is a 2.99% fix until 31st July 2017 and it is available for mortgages between £300,000 and £2 million. The overall cost for comparison is 4.7% APR.
The rate has a £999 arrangement fee and borrowers can overpay 10% of the loan amount each year without charge.
After the fixed rate expires the mortgage reverts to Birmingham Midshires standard variable rate which is currently 4.84%.
Landlords will need at least 40% equity in their property to qualify and early repayment charges apply until the end of the fixed rate period.
Aaron Strutt, product manager at Trinity Financial, says: “If you have come to the end of your fixed rate with Birmingham Midshires there are a range of product transfer mortgages available.
“As the lender only accepts applications from brokers Trinity can help you to switch to another mortgage.”
If you would like help to secure a leading buy-to-let mortgage, call us on 020 7016 0790.
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