Crystal Mortgages go low on buy-to-let deals

Tuesday 3rd July 2012

Independent commercial finance packager Crystal Mortgages has launched its lowest buy-to-let mortgage yet, at 2.44% above Bank of England Base Rate.

This product is available at up to 65% loan to value, with a 3.5% lender fee.
 
Since entering the buy-to-let market a year ago, the company has issued terms on £25m of buy-to-let loans, including refinancing, purchasing and capital raising applications for first-time landlords, multiple property owners and limited companies.

The Walsall-based buy-to-let packager, which operates nationwide, has over 100 products, with loans available from £25,000 to £10m and LTVs up to 80%.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “Our move into buy-to-let packaging has already paid dividends, and we will continue to introduce the best possible products and judge each application on its merit.

“We entered the market one year ago to support the tens of thousands of good buy-to-let owners who were being restrained financially, citing high street banks’ over-reliance on automated answering systems. The situation is the same now as it was then.”

Crystal Mortgages recently announced one of the most successful quarters in its history.

Terms were issued on £87m of new business applications from January to March, compared with £69m in the corresponding period last year, with completions up 37% and applications up 36% year-on-year.