Investec Private Banking is introducing new LTV bands on its buy-to-let mortgages with rates up to one basis point lower than its current offering.
New buy-to-let mortgage rates, which come into effect immediately, are as follows:
|LTV||Lifetime Tracker Rates|
|Old Rate||New Rate|
|Up to 50%||N/A||2.50% + 3 month Libor*|
|Up to 60%||N/A||2.75% + 3 month Libor*|
|Up to 70%||3.5% + 3 month Libor||3.10% + 3 month Libor*|
* Current 3 month Libor rate is 0.41%
Investec Private Bank provides both buy-to-let and residential mortgages designed specifically for borrowers requiring between £250,000 and £10m, who have a minimum annual income of £300,000 and net assets of £3m or more.
The bank recently cut its residential mortgage rates by up to 0.6 basis points.
Peter Izard, business development manager at Investec Private Banking, said: “Despite recent tax changes, the buy-to-let market remains an attractive proposition for investors. We’re delighted to be announcing these significant rate cuts today, which will be a real boost for landlords seeking larger loans.”