Legal & General Mortgage Club has announced the launch of a new product exclusive with Octane Capital.
The move means advisers placing business with Octane Capital via the mortgage club would benefit from discounted fees across a range of buy-to-let (BTL) mortgages.
This includes a reduced arrangement fee of 1.75%, down from 2.5%, and procuration fee of 0.8%. L&G Mortgage Club confirmed its range of products allows for foreign nationals, first-time landlords, expats and applicants with adverse credit.
The mortgage club’s rates begin at 4.99% per annum and have maximum LTV limits of between 75% and 65%, depending on the product.
L&G Mortgage Club head of lender relationships, Danny Belton, said: “Through a common-sense approach to lending, Octane Capital has helped many to start and grow their BTL portfolios and we expect that our adviser community will greatly benefit from the exclusive rates we are offering in conjunction with the lender.
“Its ability to help a wide range of applicants, including those with credit impairments also make it a relevant and timely provider in the post-covid climate.”
Octane Capital managing director, Mark Posniak, added: “We expect these competitive rates to suit a wide range of borrowers, however, a clear focus of our is in helping borrowers who have found PRA stress tests an obstacle to their property investment ambitions.
“By removing the need to stress test and instead requiring 100% rental cover, we are opening the door to yet more aspiring buy-to-let landlords in a creative but responsible way. We look forward to continuing to work closely with Legal & General Mortgage Club and its advisers.”
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