The new mortgage product is available up to 85% loan-to-value at 5.99%. A free valuation applies and an arrangement fee of 1.5% can be paid upfront or added to the loan. In addition, free legal fees are available for remortgages.
Other features of the fixed-rate mortgage include no higher lending charge, a required rental cover calculated at 110% of initial pay rate, and a maximum portfolio size of GBP3 million.
Martyn Smith, head of mortgage products at Legal & General, said: We specialize in giving intermediaries access to exclusive products and anticipate that this sub-6% fixed-rate will prove extremely popular. Landlords will be mindful of the need to keep a firm grip on their monthly budget and anyone who is coming off a cheap fixed-rate deal at this point in the year will looking for a bargain such as this.
Paul Issacs, corporate relationship manager at Platform, added: We are delighted to be working in partnership with Legal & General once again to bring this exclusive product to market. We are confident that the competitive attributes of this new product together with the added security of a fixed-rate offering will prove extremely popular with their database of intermediaries.
