New Product Launch
On Wednesday 2nd March we will be launching a ‘Limited-Edition’ range of BTL products over £500,000. These, new business only, products will be priced with a discount of 0.50% over the existing £500K+ product pricing (so a 0.70% in total reduction on the standard pricing) and will also have a fixed £5,000 product fee.
The main details of the new range are as follows:
- All 2 year and 5 year fixed term BTL products of £500,000 and above will be reduced by a further 0.50%.
- In addition, they will carry a fixed £5,000 product fee regardless of the amount of the finance £500,000 to £5m (currently 1% or 1.5% of the finance amount).
- Products include UK BTL, UK Expat BTL and International BTL above £500K, they are applicable for purchase or refinance and include HMOs and MUFBs where applicable.
- This is a Limited-Edition range which has a set tranche of new business funds allocated to it and is also subject to a number of other market factors. As such, it has no set time to be in the marketplace and could be withdrawn without any prior notice for both Direct and broker customers. We will be monitoring the figures daily.
- Existing Applications and Offers will not automatically be transferred to the new Limited Edition rental rates and retention customers nearing the end of their fixed term period will also not be offered these, new business only, products. These will need to be a new application with new documents.
These Limited-Offer products significantly increase the attractiveness of the product range and improve our standing against our core competitors in the £500K+ sector, both in the UK BTL market and the UK Expat and International resident sectors.