Coventry Building Society has unveiled a new buy to let (BTL) capped tracker mortgage product.
Released yesterday (May 22nd), the home loan boasts a pay rate of just 3.80 per cent and is capped at 5.30 per cent, running until July 31st 2014.
It features a 65 per cent loan-to-value, a booking fee of £250, arrangement costs of £999 and includes a valuation of up to £700.
Colin Franklin, sales and marketing director at Coventry Building Society, noted the deal represents the only capped tracker product on the market for BTL investors.
Mr Franklin explained the arrangement is therefore unique and provides an example of the organisation’s ability to innovate with its product range.
He observed the plan offers a rate of 3.80 per cent for two years, adding: “BTL investors will also have the security of a cap, so if the base rate does increase within the two-year period, their rate will not rise above 5.30 per cent.”
Those considering their BTL options might therefore find they can enjoy the best of both worlds when settling on this option.
