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85% loan to value borrowing is back with Kent Reliance Launching two new mortgage products.
These are both variable rates at 5.49% for the two year, and 5.69% for the three year discounted rate. The ability to borrow 85% of the value or purchase price of a buy to let property has been a milestone ever since the credit crisis, and indicates some recovery back to the “good old days”.
Product detail and criteria
2 year discounted variable rate at 5.49%
3 year discounted variable rate at 5.69%
Reversion rate after the initial 2 or 3 year period is the Kent Reliance Term rate currently 6.58% for the remainder of the mortgage period.
Maximum Loan to Value 85%.
Product fee of 2.5% and an Admin fee of £130 paid on application.
Early repayment charges are 4% year one and 3% year two for the two year discount and 4% year one and two and 3% year three for the three year discount.
The amount you can borrow is calculated by the monthly rental income having to cover the interest only mortgage payment by 125%. This gives you the ability to borrow up to 174.86 times the property’s monthly rental income for the two year discount, and 168.71 for the three year discount as assessed by the lender’s valuation survey up to a maximum of 85% LTV.
Maximum loan amount £350,000 and Minimum loan amount £25,001.
Minimum income £25,000.
HMO offered at the higher rates of 5.79% and 6.19%.
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