Mercantile Trust launches new one and five-year buy-to-let rates

Mercantile Trust has added a one-year fixed rate and five-year fix with no ERCs to its buy-to-let product offering.

The products are designed to appeal to landlords looking for certainty of payment with the freedom to leave for those more optimistic as to where rates might fall.

The new additions are available across Mercantile Trust’s entire buy-to-let range as a first or second charge up to 75% LTV, with loans available from £10,000 up to £750,000 throughout England, Wales, Scotland and 70% LTV in Northern Ireland.

The one-year deal has an early repayment charge of 1% while the five-year product has no ERC.

The one-year product is priced at 11.53%, with the five-year at 12.40%.

Maeve Ward, director of commercial operations at Mercantile Trust, said: “During a time when many borrowers are dealing with affordability issues, it is really important that lenders provide alternative solutions for brokers and their clients; these new fixed rates provide optionality but with certainty of payment whilst waiting for the market to settle.”