Building societies The Melton and the Nottingham have today announced they are adding new offers to their buy-to-let product ranges.
The Melton has launched three new offers, catering for different customer groups.
| Product | Rate | LTV | APR | APP Fee | Comp Fee |
| Holiday Buy to Let Discounted rate 1.64% for term |
3.35% | 60% | 3.5% | £199 | £599 |
| Family Buy to Let Discounted rate 1.24% for term |
3.75% | 75% | 3.9% | £199 | £399 |
| Standard Buy to Let 3 year discounted rate 2.20% |
2.79% | 60% | 4.5% | £199 | £399 |
All products are subject to early repayment charges. Terms and conditions apply. All of these products are available to the whole of England and Wales through brokers and direct.
Nicola Alvarez, director of sales and marketing at the Melton, comments:
“We have long experience of this type of finance and following feedback both from intermediaries and customers, we have introduced a new regulated buy to let product specifically for letting to family members.
“We are also supporting the UK holiday market with the re-launch of a dedicated product for new and existing holiday let landlords.”
The Nottingham is complementing its buy-to-let range with half a dozen new fixed-rate mortgage deals.
The mortgages, which come with a free basic property valuation and free legals, include:
- A five-year fixed 4.09 per cent product at up to 75 per cent loan-to-value (LTV) with a £299 booking fee and £700 arrangement fee;
- A two-year-fixed 3.09 per cent mortgage at up to 65 per cent LTV, with a £299 booking fee and £200 arrangement fee;
All of the mortgages are available for purchases and remortgages. There are also free basic property valuation (purchases and remortgages) and free legals (remortgages) available.
The Nottingham’s deputy treasurer, Chris Gardner, comments:
“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. 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.”
