Northern Rock buy-to-let two-year flexible fixed rate mortgage launched

Nothern Rock has launched its latest buy-to-let mortgage product in the form of a two-year flexible fixed rate loan.

Customers can borrow a minimum of £100,000 at a rate of 4.99 per cent for up to 87 per cent loan-to-value (LTV).

An arrangement fee of 1.5 per cent is also payable, which can be added to the loan.

Furthermore, customers wishing to make an early repayment within the fixed rate period must pay a charge of three per cent.

For the Northern Rock buy-to-let two-year flexible fixed rate mortgage the 100 per cent rental calculation is based on interest only figures as well as the Bank of England (BoE) base rate plus one per cent.

This amounts to a current rate of 5.5 per cent, reports Mortgage Introducer.

The Northern Rock buy-to-let two-year flexible mortgage is available with the above rates and conditions from November 15th.