Clydesdale Bank has lowered the price of its larger loan buy-to-let mortgage by 0.7%.
In a move to attract more landlords the lender reduced the two-year fixed rated from 2.49% to 1.79%.
The mortgage is available for properties in London and south-east and unusually it must be taken on full capital repayment.
The 1.79% rate and it is fixed until 31 March 2022. Once the deal expires, it reverts to the lender’s 5.60% standard variable rate. The overall cost for comparison is 5% APRC representative.
The minimum loan size is £1 million, and the maximum loan size is £1.5 million. The arrangement fee is £2,999.
Aaron Strutt, product director at Trinity Financial, says: “Clydesdale is one of the most generous lenders for wealthier borrowers looking for larger buy-to-let loans because it uses the applicant’s income to calculate the maximum loan size.
“More of the lenders are offering large buy-to-let mortgages and some of them provide cheaper rates and arrangement fees. They also offer interest-only mortgages.”
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage
Trinity Financial has access to NatWest for Intermediaries 1.35% two-year fixed rate buy-to-let mortgage. The maximum loan size for property purchase is £2 million.
If you are remortgaging a property the rate increases to 1.60% but the maximum loan size increases to £10 million. This is not the most competitively priced buy-to-let rate but is still fantastically cheap.
Both products have a £995 arrangement fee and they are available on capital repayment or interest-only. After the fixed rates the mortgages revert to the lenders 4.74% standard variable rate unless you remortgage to another deal.
The 1.35% rate has an APRC of 4.2% and the 1.60% rate has an APRC of 4.3%.