The new product, which has a £1495 booking fee with Homebuyer Solution or Remortgage cashback, is the latest addition to SFI’s Buy to Let range, designed for non-professional landlords with seven properties or fewer.
SFI has also re-priced some of its fixed and tracker rate products and reduced the rate on its residential loyalty products at 75 per cent LTV to:
• Current Account exclusive two-year Fixed to 2.54 per cent (from 2.59), with a £995 booking fee with either Remortgage or Homebuyer Solution
• Existing Mover exclusive two-year Fixed to 2.54 per cent (from 2.59), with a £995 booking fee with Homebuyer Solution
Jane King, financial adviser at London-based Ash-Ridge, said: “The interest rate on five-year fixed rates has been gradually climbing over the past year, but they are still proving popular with borrowers looking to sit out future volatility in the market.
“Having said that, they are expensive in comparison to two-year rates, where you can still get just more than 2 per cent for 70 per cent LTV. The free valuation and legal package offers good value, especially for the higher-value properties. However, with Nationwide offering 3.39 per cent for a five-year fixed, it is not the most competitive available.”