Aldermore has introduced a new limited edition buy-to-let remortgage product, its lowest ever buy-to-let term variable.
It is available at 3.49% variable rate for term (AMR -1.49%), up to 80% LTV.
The rental calculation is based on the product pay rate.
The new deal is available to all those looking to remortgage and carries a 2.00% completion fee. With no reversion rate, and the calculation of pay rates on rental yields, landlords are able to borrow a larger amount, the lender said.
This remortgage option also supports Aldermore’s no portfolio limits policy.
Charles Haresnape, group managing director for mortgages at Aldermore, said: “With the current range of competitive mortgage products available, it is no surprise that we are seeing higher remortgaging levels, with the number of remortgage loans advanced in September growing by 12% from August, a year-on-year rise of 4%.
“There has never been a better time to take advantage of historic low interest rates, and Aldermore always looks for ways to support its customers in areas where there is a high level of consumer demand.
“This new rate underlines Aldermore’s commitment to offer flexible and competitive finance options to both new and existing customers.”