Legal & General has launched a range of buy-to-let mortgages with The Cambridge, exclusively available to all its Mortgage Club members.
The products available are a 3.49 per cent mortgage fixed for one year with £199 fee payable upfront and 3 per cent on completion and a 3.99 per cent mortgage fixed for three years with £199 fee payable upfront and 3.5 per cent on completion.
Completion fees for both mortgages can be added to the loan up to a maximum 75 per cent loan-to-value (LTV), while the maximum loan size is £750,000.
Additionally, 10 per cent per annum overpayments are allowed and the rental calculation is based on 125 per cent of the reversion rate, currently 4.99 per cent.
Head of mortgage products at Legal & General Mortgage Club said: “We have an excellent relationship with the team at The Cambridge and an opportunity arose for us to work together on these buy- to-let exclusives. We have seen a great deal of interest for products priced with a low headline rate, so these exclusives should prove very popular amongst our members.”
Cambridge commercial director Andy Lucas added: “These new products are great news for Mortgage Club members and widen the choice of deals that they can offer to their clients. We are keen to continue our support for lending in the buy- to-let sector as the demand in this market remains high.”
