Axis Bank UK, the UK arm of Indian private sector lender, has said that it will soon launch the buy-to-let mortgage product for customers interested in buying residential property for renting out within London & South East area.
The lender will target experienced landlords with a standard and specialist range of mortgages with rates starting at 3.79% for a two-year fixed rate mortgage up to 75% loan-to-value (LTV) and 4.59% for a five-year fixed rate.
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The product will be available through a select panel of specialist buy to let distributors and will charge a fee of 1.5% for a two-year fixed rate and a 2% fee for a five-year fixed rate.
Axis Bank UK head of buy-to-let Andrew Ferguson said: "In order to control distribution we have opted for intermediary-only access and are delighted to confirm that we will be working with Complete FS, Mortgages for Business and TBMC as our initial partners.
"Prior to full launch, we are running a small pilot programme with Mortgages for Business to ensure we deliver a positive broker experience through our new online submission platform. The pilot will run from 7 April."
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