The Nottingham refreshes BTL mortgages

The Nottingham Building Society has become the latest firm to launch fresh buy-to-let mortgage options for its customers.

Refreshed deals

Hot on the heels of rates announced yesterday by Leeds Building Society, The Nottingham has today introduced six new buy-to-let mortgage deals.

The deals, which all come with a free home valuation, include a fixed rate five-year 4.09% product, up to 75% LTV. This comes with a £299 booking and £700 arrangement fee. Additionally, a two-year fixed 3.09% mortgage, again with a £299 booking fee and just a £200 booking fee is also available.[1]

The Nottingham refreshes BTL mortgages

Deputy Treasurer at Nottingham Building Society, Chris Gardner, stated by, ‘the run-up to the General Election saw the UK markets weighed down by uncertainty as opinion polls put the two main parties neck and neck. With the uncertainty now lifted we are taking the opportunity to refresh our buy-to-let products. The range of fixed rate buy-to-let mortgages now includes a new, lower loan-to-value range, whilst the rate and fee on the existing five-year fixed at 75% LTV have been reduced.’[2]

Gardner believes that, ‘these will help borrowers who require budgeting certainty, as whilst the Government have pledged to fix the term of each parliament to five years, the Bank of England cannot offer the same commitment for bank rate. Whilst bank rate has remained unchanged at 0.5% for six years, the markets are currently pricing the first rise early next year.’[3]

[1-3] http://www.propertyreporter.co.uk/finance/btl-mortgages-revamped-at-the-nottingham.html