Pepper launches BTL 2.98% 5-yr fix with pay rate rental calculation
10 May 2017
Pepper Homeloans, the specialist lender, has launched a limited edition buy-to-let 5-year fixed rate of 2.98% with a rental calculation based on the pay rate.
Key features of the product include:
| Rate: 2.98% fixed for 5-years (reverting to Libor + 4%) |
| Max LTV: 75% |
| Loan size: Min £25,001 Max £1 million |
| Rental calculation: 140% x pay rate |
| Completion fee: 1.75% |
| ERCs: 4%, 4%, 3%, 3%, 2% |
| Incentive: Free legals on all remortgages |
| Availability: available on Pepper NP1 products only (no CCJs or missed payments in the past 36 months and no arrears in the past 6 months) |
Rob Barnard, Sales Director of Pepper Homeloans, said: “Our research indicates that this product will typically appeal to investors who are seeking capital growth over a 5-year period. The pay rate rental calculation also means landlords can borrow more, providing them with a significant benefit.
“With a rate of just 2.98%, a minimum loan size of £25,001 and free legals on remortgages, this is a very attractive package which landlords could see as an ideal opportunity to refinance their portfolio.”
All applications are manually underwritten and Pepper doesn’t use credit scoring. Brokers can also submit DIPs and applications online.
Intermediaries can obtain further information about Pepper’s range of products and services by phoning 03333 701 105 or by visiting www.pepperhomeloans.co.uk
