Santander for Intermediaries has taken the unusual step of launching a 1-year fix buy-to-let remortgage rate.
Very few lenders offer fixed rates below two years, but the bank has added the short-term deal to find out if there is a market for this type of product. It was introduced after brokers suggested the buy-to-let mortgage would be beneficial to some borrowers.
Santander's 2.25% mortgage is fixed until 02 May 2020. At the end of this period, it reverts to the lender's variable rate currently of 4%. The overall cost for comparison is 3.89% APRC representative.
There is no arrangement fee and applicants will need a 25% deposit to qualify. There are no early repayment charges, so landlords are free to repayment the mortgage at any time. They could even take a product transfer and switch to another rate.
Santander also provides a free property valuation and free legals service, or £250 cashback.
Aaron Strutt, product director at Trinity Financial, says: "Many landlords like flexible rates and this product enables them to remortgage off of expensive standard variable rates when their existing lender does not offer any early repayment charge free products.
"The vast majority of landlords take two or five-year fixed rates but this is another option available to them particularly if they considering selling their property with the upcoming tax changes."
Representative example: A capital and interest mortgage of £250,000 payable over 25 years, initially on a 2.25% fixed rate until 02/05/2020 and then on a variable rate of 4% for the remaining 23 years, would require 14 monthly repayments of £1,090.33 followed by 286 monthly repayments of £1,309.54. The total amount repayable would be £390,053.06 made up of the loan amount, plus interest (£139,793.06) and £0 (product fee), £225 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.89% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
To arrange a meeting with one of our expert mortgage advisers complete our enquiry form or mortgage questionnaire and we will call you back. Please note, by submitting this information you have given your agreement to receive verbal contact from us to discuss your mortgage requirements.
You voluntarily choose to provide personal details to us when submitting an enquiry. Your information is confidential and held in accordance with the appropriate data protection requirements. Read Trinity Financial's privacy policy.
We believe that working together is the best way to gain trust, reliability and certainty.
Excellent service from David. Available. Quick responses. Flexible. My situation wasn’t the easiest and David took...
Excellent service from David. Available. Quick responses. Flexible. My situation wasn’t the easiest and David took the time to double check with banks their conditions prior to get me my agreement in principle. Highly recommended. Mortgage was quick and easy, I was able to focus on the conveyancing part.
More
Less
MichaëlMar 19 2024
My 7th remortgage experience with Anthony and the Trinity team - they're the best - great advice, products and services...
My 7th remortgage experience with Anthony and the Trinity team - they're the best - great advice, products and services.
More
Less
Dave SaucierMar 05 2024
Sophie and Liam were absolutely amazing in getting us the best rates, submitting paperwork quickly and answering all the...
Sophie and Liam were absolutely amazing in getting us the best rates, submitting paperwork quickly and answering all the questions we had very quickly, so we always knew where we stood - which is so important when buying a house. We couldn't recommend them enough!
More
Less
Rita NevesMar 01 2024
15
years' experience
Over the last 15 years we have helped thousands of clients to purchase new homes, secure buy-to-let mortgages and remortgage.
23
mortgage experts
Trinity’s experts will do everything possible to secure the fastest mortgage offers while providing you with regular progress updates.
17,043
mortgages arranged
We consistently arrange fantastically priced fixed and tracker rate mortgages through the leading banks and building societies.