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2 July 2008

6.99% buy-to-let mortgage from Kensington

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by Lin Freestone

6.99% buy-to-let mortgage from Kensington

Solent Mortgage Services is launching a buy-to-let exclusive 6.99% three-year fixed rate from Kensington, available exclusively through brokers. It is anticipated that the deal will be attractive for buy-to-let investors and is available on a first come first served basis.

The exclusive deal is available for both purchase and remortgage business up to 85% LTV, with gross rental income of 110% of the pay rate. The completion fee of 2.5% can be added to the loan if required.

With the rental coverage requirement of just 110%, the rent needs to be just £640 per month to justify a mortgage of £100,000.

Charles Morley, head of sales at Kensington Mortgages, is of the opinion that in the current environment, buy-to-let investors have more reasons to be cheerful than most. Demand for rental property is rising, and yields for landlords are increasing.

Kensington specialises in helping those who are looking to buy a property to let as an investment, are self-employed, or have irregular incomes. The specialist lender offers prime, self-cert and buy-to-let mortgages.

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