"The product is available for a term of two years, but borrowers can exit it without penalty after just six months"
- Marios Theophanous, credit manager at London Credit
Bridging lender, London Credit, has launched a new buy-to-let product to help property investors to ride out periods of uncertainty in the market.
The lender is launching a hybrid buy-to-let product with a term of two years that enables investors to service a portion of the loan, with the remaining interest retained and payable on redemption.
It’s available on residential and semi-commercial properties up to a maximum LTV of 70% at redemption and borrowers can exit the loan without penalty after six months.
Marios Theophanous, credit manager at London Credit, commented: “We’ve been asked by a number of brokers to develop something to help their clients to navigate immediate uncertainty in the buy-to-let market and this new product, which enables a hybrid of serviced and retained interest, does just that.
“The product is available for a term of two years, but borrowers can exit it without penalty after just six months, providing them with the flexibility they need to respond to market changes as they choose.
“We think that this product will empower investors to take control of their investment and make longer term decisions at the right time.”
