The RLA has launched a brand new mortgage service, which offers reduced broker fees, competitive rates and innovative 25-year, fixed-rate mortgages.
RLA Mortgages was launched earlier this month, and offers RLA members a discounted broker fee of just £195 (until 31st December 2012, £295 thereafter), compared to a basic broker fee of £495.
Some of the competitive deals on offer include two 25-year fixed-rate mortgages, offered by Manchester Building Society, which also includes an interest-only deal, for buy-to-let investors.
Manchester chief executive, David Cowie, said:
“To my knowledge, this is the first time ever that a lender has offered a fixed-rate mortgage for buy-to-let investors.
The buy-to-let market is now far more robust than the housing market as a whole.”
Chris Mitton, market relationship manager at Manchester BS, said long-term fixed rates were an area of the market currently not catered for.
He said:
“I believe that in this climate of economic uncertainty, many people are seeking the security of knowing what their future mortgage payments will be.
I think the buy-to-let products will particularly appeal to investors seeking to hold their buy-to-let property over the long term, and want to lock in certainty of their funding costs for an extended period of time.”
