Mercantile Trust has introduced one-year and five-year fixed-rate products to its BTL offering.
The one-year fix has an ERC of 1%, while the five-year fixed rate has no ERC.
The offering is designed for landlords looking for certainty of payment, with the freedom to leave their mortgage.
The new products are available across Mercantile Trust’s entire BTL range as a first or second charge up to 75% LTV.
Loans between £10,000 and £750,000 are available throughout England, Wales, Scotland, and up to 70% LTV in Northern Ireland.
The one-year product is priced at 11.53%, while the five-year fix stands at 12.4%.
Maeve Ward, director of commercial operations at Mercantile Trust (pictured above), 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 while waiting for the market to settle.”
