New buy to let mortgages from Charcol

Independent mortgage broker John Charcol has announced two new buy to let deals for investors.

The first mortgage offers a full refund on valuation fees, comes with no arrangement fee during September and an initial rate for three months of 3.49 per cent.

The product, offered with Scarborough Building Society, reverts after three months to US$3 month Libor +1.15 per cent to December 30th 2008.

The UK independent mortgage broker has launched a second product, with West Bromwich Building Society, which allows up to ten per cent overpayment every year, with no early repayment charges. The mortgage is offered at Euribor (currently 2.13 per cent) +2.1 per cent for the first three months, followed by Euribor +2.9 per cent to November 30th 2010.

The buy to let mortgages are both available for purchase or remortgage and the rental cover calculation on both deals is based on the initial Libor-linked pay-rate, meaning most buy-to-let properties will have enough rental income to qualify for the maximum 80 per cent loan to value mortgage (85 per cent on the West Bromwich deal).

Ray Boulger, senior technical manager at John Charcol, said: "Buy to let now represents a significant part of the overall market, and we are pleased to have developed some highly sophisticated deals with these lenders that, just five years ago, would have been unheard of for your average buy-to-let investor."

For more information on Buy to Let mortgages click here