Specialist bridging and buy-to-let (BTL) lender Mercantile Trust has introduced a 1-year fixed rate and 5-year fixed with no early repayment charge (ERC).
The products were designed to appeal to landlords looking for certainty of payment with the freedom to leave.
The new additions are available across Mercantile Trust’s buy-to-let range as a first or second charge up to 75% loan-to-value (LTV), with loans available from £10,000 up to £750,000 throughout England, Wales, Scotland and 70% loan-to-value (LTV) in Northern Ireland.
The 1-year deal has an ERC of 1% and is priced at 11.53%, while the 5-year product has no ERC at 12.40%.
Maeve Ward (pictured), director of commercial operations at Mercantile Trust, said: “During a time when many borrowers are dealing with affordability issues, it is really important that lenders provide alternative solutions for brokers and their clients; these new fixed rates provide optionality but with certainty of payment whilst waiting for the market to settle.”
