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Investec targeting wealthier landlords with 10-year fix buy-to-let mortgage

Aaron Strutt Image

Investec Private Bank has launched a buy-to-let 10-year fixed mortgage for wealthier landlords.

The 3.69 per cent rate is competitively priced and has a 1% arrangement fee. There is a minimum loan size of £1 million, and applicants will need a 30% deposit to qualify. The overall cost for comparison is 3.9% APRC representative.

Early repayment charges apply for the full ten years, but they are on a sliding scale, so they get cheaper toward the end of the fixed period.

Like Investec’s other rates, this mortgage is available to clients typically earning £300,000 or more with a net worth of at least £3 million.

Aaron Strutt, product director at Trinity Financial, says: “Very few of the lenders offer 10-year buy-to-let fixed rates, so there are not many options for landlords.

“Trinity’s brokers have access to Coventry for Intermediaries and The Mortgage Works if you are looking for a ten-year fixed mortgage below £1 million. Coventry’s ten-year fix is around 0.8% cheaper than Investec’s rate, but landlords will need a 50% deposit to qualify for its cheapest ten-year fix.”

Unlike many other lenders, Investec offers a four-year buy-to-let fixed rate and a self-build product. Investec typically helps clients with more complex lending requirements and says there was strong demand for a longer-term fixed rate product.

Representative example: A mortgage of £1,000,000 payable over 10 years, initially on a 3.69% fixed rate until for 10 years. There would be 120 interest-only payments of £3,075. The mortgage balance would remain at £1,000,000 and need to be repaid in full. The arrangement fee would be £10,000. The overall cost for comparison is 3.9% APRC representative.

Call Trinity Financial on 020 7016 0790 to secure a ten-year fix or use the enquiry form below.

As seen in
sunday times telegraph financial times bbc news the express the times
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