Clydesdale Bank launches £1million plus buy-to-let mortgage range
Clydesdale Bank has launched two buy-to-let large loan rates for mortgages up to £1.5 million.
The lender has also taken the unusual step of limiting availability of these mortgages to properties located in selected Greater London postcodes.
The two-year fixed rate is priced at 3.39% and the five-year fix is 4.29%. The APR's are 5.2%. To qualify for both mortgages, borrowers will need to put down a 40% deposit and meet Clydesdale's rather tough minimum income requirements.
Both mortgages have £2,999 arrangement fees and after the fixed rate period revert to the lenders standard variable rate - currently 5.35%.
Aaron Strutt, product manager at Trinity Financial, says: “Clydesdale’s rates are a welcome addition to the market as there aren’t a huge amount of high street lenders offering large buy-to-let mortgages.
"However, they are only going to be available to a limited about of clients as the lender typically offers a maximum income multiple of 4.5 times single or 4 times joint salaries. To secure a £1 million buy-to-let mortgage, borrowers will need to earn around £220,000 each year and the rental income generated from the property will also be assessed.”
The property will also need to be located in one of the following postcodes: E, EC, N, NW, SE, SW, W, WC, BR, CR, DA, EN, HA, IG, KT, RM, SM, TW, or UB.
If you would like help to secure a large buy-to-let mortgage, call Trinity on 020 7016 0790.
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