Godiva launch new 75% buy to let product range

by Neil Patterson

11:12 AM, 13th July 2012
About 8 years ago

Godiva launch new 75% buy to let product range

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Godiva launch new 75% buy to let product range

Godiva, owned by the Coventry Building Society, have launched an aggressive new buy to let product range extending its loan to values to 75% and adding 5 year fixed rates with no early repayment charges.

They have obviously secured funding and are hungry for market share with the 5 year flexible fixed at 5.75% and a lifetime flexible variable at 5.49%. These products are targeting the market that wants a long term deal without the need to remortgage in a short space of time whilst keeping options open for future changes in circumstances (further details below)

Godiva 5.75% Flexx 5 year Fixed to 31.10.17 (75% LTV)

Early repayment Charges – None

Fees – Arrangement a flat £1499 and Booking £250

Incentives – One mortgage valuation included up to a maximum of £700 and a remortgage transfer service included

Overall cost for comparison – 5.5% APR

Cost over 5 years interest only for a £100,000 loan not including incentives = £30929.96

Godiva 5.49% Flexx Life time variable (75% LTV)

Early repayment Charges – None

Fees – Arrangement a flat £1499 and Booking £250

Incentives – One mortgage valuation included up to a maximum of £700 and a remortgage transfer service included

Overall cost for comparison – 5.8% APR

Cost over 5 years interest only for a £100,000 loan not including incentives = £29610.48 (assuming the rate stays the same during the period)

Other new 75% products include:

  • 5.6% 5 year Fixed rate to 31.10.17 arrangement fee £1499 Booking £250
  • 5.79% life time flexible variable rate (no erc) arrangement fee £749 Booking £250
  • 5.8% 5 year Fixed rate to 31.10.17 arrangement fee £749 Booking £250
  • 5.99% 5 year Flexx Fixed to 31.10.17 (no erc) arrangement fee £749 Booking £250

All the above rates come with the free remortgage transfer service and valuation up to £700

Godiva Criteria includes:

  • Rental stress testing at 125% of the monthly interest only mortgage payment
  • minimum purchase price or property value £75,000
  • minimum loan amount £25,000
  • minimum personal income £25,000 sole or £30,000 for joint applicants
  • No multiple let properties except for a maximum of 4 students

To discuss a specific Buy to Let deal you can call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here



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