Cambridge & Counties Bank now offers loans to residential property investors across the country who can ‘demonstrate knowledge and experience in this market’. Let’s quote, ‘The new Cambridge & Counties Residential Investment Loan will have rates starting from 4.50 per cent (plus Bank of England Base Rate) and will be a secured long-term lending product of up to 25 years (minimum three-year term). The bank will lend up to 70 per cent of the lower of either the market value or purchase price of the property. The loan is available for property investment via purchase and/or refinance.’
‘Repayment of interest will be monthly, with capital repayments of equal monthly amounts via direct debit throughout the life of the loan, except where interest-only facilities are allowed. Interest-only loans will be available for periods of up to ten years and are capped at an LTV of 70 per cent.’ Again, start your due diligence at a site such as Moneyfacts.co.uk before talking to a broker.