Legal & General Mortgage Club launch new buy to let mortgages

Legal & General have announced the launch of a range of Buy to Let mortgages with The Cambridge, exclusively available to all its Mortgage Club members.

These exclusives are priced competitively by The Cambridge. The products available are:

3.49% fixed for one year with £199 fee payable upfront and 3.0% on completion
3.99% fixed for three years with £199 fee payable upfront and 3.5% on completion.

Completion fees for both exclusives can be added to the loan up to a maximum 75% LTV and the maximum loan size is £750K. 10% per annum overpayments are allowed and the rental calculation is based on 125% of the reversion rate, currently 4.99%.

Martyn Smith, Head of Mortgage Products, Legal & General Mortgage Club said:  "We have an excellent relationship with the team at The Cambridge and an opportunity arose for us to work together on these Buy to Let exclusives. We have seen a great deal of interest for products priced with a low headline rate, so these exclusives should prove very popular amongst our members."

Andy Lucas, Commercial Director at The Cambridge said: "These new products are great news for Legal & General Mortgage Club members and widens the choice of deals that they can offer to their clients. We are keen to continue our support for lending in the Buy to Let sector as the demand in this market remains high".