H&R launches BTL exclusive for London & Country

The mortgage is a 2.65 per cent discount off the Society’s Basic Variable Rate (currently 5.64 per cent) for the whole term.

The initial charging rate is 2.99 per cent and the mortgage is available at up to 75 per cent LTV. The offset facility reduces the capital balance when savings are deposited.

Valuation is free and there is a £250 arrangement fee and a £1,999 completion fee which can be added to the loan, as long as the LTV does not exceed 75 per cent or the loan value exceed £300,000.

David Hollingworth, associate director at London & Country, said:

“An offset account associated with the property is a great way for landlords to build funds for repairs or rental voids. It was very popular before the credit crunch so we’re delighted to have this product.”

Carolyn Thornley-Yates, Hinckley & Rugby’s head of intermediary sales, said:

“We have long brought the benefits of offsetting to our residential customers. Now Buy to Let landlords can also enjoy the advantages of tax efficiency and less interest charges through this innovative mortgage.”