Abbey launches into buy-to-let

Abbey for Intermediaries has launched into the buy-to-let market with a range of products for non-professional landlords.

Its products are available for those with up to two buy-to-let properties who are aged between 21 and 70.

A minimum deposit of 25% is required and rental cover of 125% or above is needed, calculated on an interest-only basis.

Abbey is offering a two-year fix at 4.29% with a £1,495 fee available up to 60% LTV, and a two-year fix at 5.19% with a £1,495 fee available up to 75% LTV.

Both products are available for purchase and remortgage customers, and purchase customers will receive a free standard valuation and £250 cashback on completion.

Phil Cliff, director of retail assets at Abbey, says: “The buy-to-let market has seen strong growth throughout 2011 as demand for quality rented accommodation in the private sector continues to rise. Interest rates remain low and rental yields are at their highest for some time.

“We are delighted to be able to support the intermediary market with the launch of our buy-to-let offering for non-professional landlords. The range is designed to meet the needs of new or small volume landlords adding a first or second buy-to-let property, and we expect to see strong interest from intermediaries and their clients.”

The products are available exclusively through the intermediary market and require a minimum purchase price of £100,000.

Applicants must already have a residential or buy-to-let mortgage, and can only hold up to three secured loan commitments at the point of application, including a residential mortgage.

A maximum of two buy-to-let loans with Abbey is permitted and houses in multiple occupancy are not eligible.

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Mortgage products remain at three year high

The number of mortgage products available to UK mortgage intermediaries has remained at a three year high for the second month running, according to figures released from Mortgage Brain’s Monthly Product Analysis.

For the first time in 11 months the total number of live mortgage schemes listed on its market leading mortgage sourcing system dropped slightly (down 1%) during October. Current figures, as of 31st October 2011, now list 14,203 products compared to 14,361, which were listed at the start of the month.

The slight decline (a withdrawal of 158 products), however, is easily overshadowed by the longer term analysis, which continues to paint a positive picture of the current UK mortgage market. The latest data, which represents a 42 month high, shows an impressive 86% uplift in overall product availability compared to this time last year, and a 21% increase compared to six months ago.

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