Northern Rock Bounces Back!
Northern Rock may have had a hard time over the last couple of years with the government bailing them out. However, following the launch of their new buy to let collection, 2010 could prove to be a positive year for the lender.
Belonging to their ‘Everyday’ range of mortgages, deposit sizes for these loans may still be on the high side, but property investors should be impressed by their low interest rates and product fees:
- 2 year 60% LTV fixed rate loan of 5.49% (product fee of 2.5%)
- 2 year 70% LTV fixed rate loan of 6.09% (product fee of 2.5%)
- 3 year 60% LTV fixed rate loan of 5.59% (product fee of 2.5%)
- 3 year 70% LTV fixed rate loan of 6.19% (product fee of 2.5%)
Even with property advisors declaring that lending for buy to let investments is still limited, these new rates by Northern Rock are proof that lending in this niche is slowly increasing.
According to research by the Council of Mortgage Lenders, in February alone, the number of loans advanced rose by 12% compared to the previous month. That is an impressive 35,000 new property investments being advanced which are worth over £5bn.
And this number is still growing…
Hopefully with such a variety of new buy to let loans coming onto the property market this will entice other lenders to start acting competitively. Only time will tell…
Related posts:
- Low LTV Deals Bounce Back
- Buy To Let Lenders Soften Lending Criteria
- Exclusive Buy To Let Deals
- NEW: Buy To Let Mortgage Deals
- 0.5% Base Rate Held For 15th Month In A Row
Tags: buy to let, buy to let investment, property advisors, property investment, property investors, property market
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