Bank of Scotland cuts rates on buy-to-let mortgages

Bank of Scotland has announced cuts in rates on selected buy-to-let mortgages, offering "very competitive deals" to intermediaries and their clients.

Among the lender's offers is a two-year buy-to-let mortgage with a tracker rate of 0.46 per cent below base rate, meaning that it currently charges 5.29 per cent.

This package has a maximum loan-to-value (LTV) level of 75 per cent, an arrangement fee of £1,589 and early redemption charges of six per cent in the first year, falling to five per cent in the next year.

Also available is a two-year fixed-rate deal for buy-to-let investors, with a rate of 5.74 per cent up to 75 per cent LTV and a three-year fixed option at 5.99 per cent up to 85 per cent.

Peter Curran, head of distribution at Bank of Scotland Mortgages, said: "Bank of Scotland offers a range of low LTV products with extremely competitive rates offering intermediaries real choice for their clients.

"With five increases in the Bank of England base rate in the last 12 months making it increasingly difficult for first-time buyers to get on to the property ladder, the demand for buy-to-let properties continues."

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