Alliance & Leicester launches new buy-to-let mortgage deals

Alliance & Leicester is launching a new range of Buy-to-let and PlusMortgage deals. The new range is available from Wednesday 23 May and includes:

Buy-to-Let - 2 year Base Rate Tracker 5.09% (BBR – 0.16%), maximum LTV 85%, arrangement fee £1,999. 100% upto 75% LTV & 110% upto 85% LTV rental cover required at BBR + 1%. ERC 5% until 30/06/2009.

Buy-to-Let - 2 year Fixed Rate 5.39%, maximum LTV 75%. Arrangement fee £1,999. 100% rental cover required at BBR + 1%. ERC 5% until 30/06/2009.

NEW - Buy-to-Let – Lifetime Tracker 6.09% (BBR +0.59%),maximum LTV 85%. Arrangement fee £999. 100% upto 75% LTV & 110% upto 85% LTV rental cover required at BBR + 1%. No ERC.

New Buy-to-Let Lending Policy:

Minimum 100% rental cover up to 75% LTV & 110% up to 85% LTV

Affordability based option using an applicant’s income up to 75% LTV

At 105-110% Rental Cover - applicants total income & rental income can be used

Maximum Advance - £500,000

Max Portfolio up to £3m - unlimited number of properties

Maximum 85% LTV - maximum 87% LTV with fees added

Minimum Household Income - £25,000pa, with proof required if income used

PlusMortgage – 2 year Fixed Rate 5.94% fixed to 30/06/09 max 115% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

PlusMortgage – 2 year Fixed Rate 6.24% fixed to 30/06/09 max 125% LTV (min advance £100,000, max advance £250,000), £1,999 Arrangement fee, no incentives

Jeremy Claridge, Head of Specialist Mortgages at Alliance & Leicester says: “This latest range of buy-to-let and PlusMortgage deals is particularly exciting for us because, not only can we bring borrowers even more market-leading deals, but we’ve also enhanced our buy-to-let lending policy. We continue to offer these deals only through mortgage intermediaries which demonstrates our ongoing commitment to the intermediary market.

“We’re also delighted to announce that as from Wednesday 23 May we will be writing all buy-to-let lending onto our own balance sheet. This has been planned for some time and reflects the quality of the assets and lending we’ve seen. We are excited by this opportunity as we have built - within a relatively short space of time - a business that is going from strength to strength, and with this development we will be able to further extend the range of products that we offer, develop our distribution and push our service to be amongst the best in the marketplace.”