Product category:
Protection
News Release from: Scottish Widows | Subject: Mortgage
Edited by the Insidemoneytalk Editorial
Team on 20 March 2007
Scottish Widows Bank renovate Buy-To-Let
Mortgage
Scottish Widows Bank has announced a number of enhancements to its Buy-to-Let Mortgage including, increased borrowing limits, improved underwriting and reduced rates.
The Bank will now offer up to 80% loan-to-value (LTV) to non-professional applicants and 85% LTV to applicants who qualify for the Bank's Professional Mortgage An improved underwriting process will mean that applicants borrowing up to 70% LTV no longer need to provide bank statements or confirmation of rental cover
This article was originally published on Insidemoneytalk on 15 Aug 2007 at 8.00am (UK)
Related stories
Scottish Widows: Grandparents in debt to tune of £57 billion
1 in 5 retired homeowners (1.1 million) 2 still have a mortgage
Scottish Widows Bank Launches New Text Messaging Service for Mortgage Customers
Scottish Widows Bank has launched a free text messaging service designed to keep customers and financial advisers up-to-date on the progress of their mortgage application.
Professional applicants borrowing between 70% and 85% LTV will only require confirmation of rental cover.
New interest rates have also been introduced by the Bank, including a base rate tracker at 0.5% above base rate for 2 years.
The full-range of new rates available on the Buy-to-Let Mortgage are: Product Initial Rate Revert to Rate Base rate tracker 0.5% above base for 2 years (giving a current rate of 5.75%) 1% above base for the remaining period of the loan 2 year fixed rate 5.99% 1% above base (currently 6.25%) 5 year fixed rate 5.79% 1% above base (currently 6.25%) A further feature will allow the arrangement fee of ?595, applicable to all of these rates, to be added to the value of the loan.
Richard Clark, head of product development and marketing at Scottish Widows Bank, commented: "The Buy-to-Let market has gone from strength to strength, highlighted by the latest statistics from the CML reporting strong performance in 2006.
Despite the recent rate rises, the buy-to-let market shows no sign of slowing, spurred on by strong rental demand and rising rents.
"With these enhancements we have a competitive Buy-to-Let Mortgage product to offer landlords, both those already in the market and those thinking about buying their first Buy-to-Let property." All of the product enhancements will be available to customers either directly with the Bank or through an intermediary.
• Scottish Widows: contact details and other news
• Email this article to a colleague
• Insidemoneytalk Home Page
