L&G launches exclusive buy-to-let fixed rate mortgage

Legal & General Mortgage Club is launching a new exclusive three year buy-to-let fixed rate mortgage funded by Platform, the intermediary lender of Britannia.

The fixed rate mortgage is available up to 85% LTV at 5.99%. A free valuation applies and an arrangement fee of 1.50% can be paid up front or added to the loan. Free legal fees are available for remortgages.

Full product details:

Up to 85% LTV – 5.99%
Arrangement Fee: 1.50%
Required rental cover calculated at 110% of initial pay rate
ERC: 5% for the first three years fixed until 1/11/2010. Thereafter 1% or 1 month’s notice.
No higher lending charge
Free valuation
Free legal fees for remortgages
Maximum Loan £1 million up to 75% LTV, £500,000 up to 85% LTV
Maximum portfolio size: £3 million (max £1 million per property – max 25 properties)

Martyn Smith, Head of Mortgage Products at Legal & General said: “We specialise in giving intermediaries access to exclusive products and anticipate that this sub-6% fixed rate will prove extremely popular. Landlords will be mindful of the need to keep a firm grip on their monthly budget and anyone who is coming off a cheap fixed rate deal at this point in the year will looking for a bargain such as this.”

Paul Issacs, Corporate Relationship Manager at Platform said: “We are delighted to be working in partnership with Legal & General once again to bring this exclusive product to market. We are confident that the competitive attributes of this new product together with the added security of a fixed rate offering will prove extremely popular with their database of intermediaries.”