Buy-to-let mortgage rate cut by Godiva

Godiva Mortgages has reduced the pay rate on its two-year buy-to-let base rate tracker by 0.5 percentage points.

The product was previously available at the base rate plus 3.85 per cent, but this has now been cut to 3.35 per cent.

Consumers interested in the cheaper mortgage deal are required to have a minimum 40 per cent loan-to-value mortgage and pay an application fee of £1,050.

Colin Franklin, managing director of Godiva Mortgages, said the firm was delighted to launch the new tracker product.

"It is perfect for customers looking to take advantage of historically low interest rates," he commented.

"With competitive fees of £1,050 and legal work included for remortgagors, we are confident that introducers will find our new buy to let base rate tracker to be a popular choice for clients."

Last week, the Mortgage Works and Woolwich were among the organisations to announce reductions to their homeowner deals.

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2010-04-12 15:21:56 © Moneyextra.com