Mercantile Trust has introduced a one-year fixed rate and five-year fixed with no ERC, to its buy-to-let product offering.

The products are designed to appeal to landlords looking for certainty of payment with the freedom to leave perfect for those more optimistic as to where rates might fall.

The new additions are available across Mercantile Trust’s entire buy-to-let range as a first or second charge up to 75% loan to value (LTV), with loans available from £10,000 up to £750,000 throughout England, Wales, Scotland and 70% LTV in Northern Ireland.

The one-year deal has an early repayment charge (ERC) of 1% while the five-year product has no ERC.

Mercantile Trust specialises in supporting those otherwise let down by the high street. Its smaller loan sizes, 125% rental coverage, top slicing and ability to consider properties of a non-standard construction, provide opportunities to both first-time landlords and experienced property professionals.

The one-year product is priced at 11.53%, with the five-year at 12.40%.

Maeve Ward, director of commercial operations at Mercantile Trust, said: “During a time when many borrowers are dealing with affordability issues, it is really important that lenders provide alternative solutions for brokers and their clients; these new fixed rates provide optionality but with certainty of payment whilst waiting for the market to settle.”