Hanley Economic Building Society has introduced a fee-free two-year fixed rate buy-to-let product at 60% loan-to-value with a borrowing rate of 1.84%.
Buy-to-let investors looking to take advantage of this deal, available for purchase or on a remortgage basis, will find that they can borrow up to £500,000, with no application or product fees on this deal.
Borrowers can make overpayments of up to 10% of the mortgage balance each society year until 30 April 2021, with any additional overpayments above 10% during this period attracting a penalty calculated on the amount of the additional payment.
If this mortgage is repaid in full before 30 April 2021 an early repayment charge of 2% of the balance will apply.
David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “Despite facing some challenging times, the buy-to-let sector remains a competitive, innovative and robust sector of the mortgage market.
“Landlords, investors and intermediaries need all the support they can during the current political and economic climate, and we feel this product will provide a strong option for those looking to purchase and/or remortgage existing properties.”
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