Legal & General has launched a range of buy-to-let mortgages with the Cambridge Building Society.
The deals, which are exclusively available to all L&G’s mortgage club members, are as follows:
- 3.49% fixed for one year with £199 fee payable upfront and 3.0% on completion
- 3.99% fixed for three years with £199 fee payable upfront and 3.5% on completion.
Completion fees for both exclusives can be added to the loan up to a maximum 75% LTV and the maximum loan size is £750,000.
10% overpayments are allowed each year and the rental calculation is based on 125% of the reversion rate, currently 4.99%.
“We have an excellent relationship with the team at The Cambridge and an opportunity arose for us to work together on these buy-to-let exclusives,” said Martyn Smith, head of mortgage products, Legal & General Mortgage Club.
“We have seen a great deal of interest for products priced with a low headline rate, so these exclusives should prove very popular amongst our members.”
“These new products are great news for Legal & General Mortgage Club members and widens the choice of deals that they can offer to their clients,” added Andy Lucas, commercial director at The Cambridge.
“We are keen to continue our support for lending in the buy-to-let sector as the demand in this market remains high.”
