Tuesday, January 10, 2023
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Hampshire Trust Bank (HTB) has introduced two new specialist five-year fixed rates for residential investment and semi-commercial products for professional landlords borrowing up to £25 million, with differing Early Repayment Charge (ERC) profiles. ‘ERC Plus’ and ‘ERC Lite’ allow brokers to choose between the two products depending on the client’s particular affordability requirements and rate preference.
The ERC profiles are available at up to 75% loan to value (LTV). ERC Plus offers borrowers a lower rate, starting from 6.79%, in exchange for an increase in the typical ERC payable by 1% in any year for the life of the loan upon exit. The ERC Lite product is at a higher rate, starting from 6.99%, but with HTB’s existing ERC profile applicable.
Commenting, the lender’s Chris Daly said: "The Bank has been listening carefully to brokers who have been outlining landlords’ difficulties with affordability, especially since the ‘Mini Budget’ in late September 2022."
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