The Cambridge Building Society has updated its buy to let mortgage range in response to increasing demand from brokers .
Rates on the home loans have been reduced by up to 0.25 per cent, with the two-year fixed-rate 70 per cent loan-to-value (LTV) tumbling from 5.09 per cent to 4.94 per cent and the two-year fixed-rate 75 per cent LTV falling from 5.39 per cent to 5.14 per cent.
The two deals include a £250,000 maximum loan and will return to the 4.99 per cent after the 24 month period is up.
Arriving complete with a £1,800 completion fee and a £199 application charge, the products have been introduced after the Cambridge experienced a marked increase in application numbers for its buy to let offerings.
It is hoped the refreshing of the collection will enable the building society to carry on being competitive in the home loan market.
Andy Lucas, commercial director at the group – which has been in operation for more than 160 years – noted: “We have seen an increase in interest around our buy to let products and we wanted to support the market with a more competitive product.”
