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Digital broker Habito to start offering mortgages

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Online mortgage broker Habito has launched its first ever mortgage products with a range aimed at buy-to-let landlords.

The company said the move will bring “much-needed innovation” to the buy-to-let market, which has faced “heavy restrictions and punitive charges” in recent years.

Habito aims to offer customers a mortgage deal within 10 or 11 days. It will replace the “inflexible and outdated” Decision in Principle with the ‘Habito Instant Decision’, which it says will involve deeper checks at the outset, guaranteeing greater certainty and speed.

The new range includes 2, 3- and 5-year fixed deals as well as 7-year and 10-year fixes, aimed at longer-term investors, with rates starting from 2.59 per cent for a two-year fix.

The cheapest 10-year fixed deals start from 3.51 per cent, while 7-year deals start from 3.31 per cent.

No minimum income is required for first-time landlords up to 75 per cent LTV and there are no minimum value or maximum LTV restrictions for ex-local authority flats

Applicants will need to show three months of income although self-employed customers will need two years’ proof of income.

Daniel Hegarty, founder and CEO of Habito, said: “We exist to free people from the hell of getting a mortgage. For buy-to-let landlords, hell means long waits, inflexible eligibility criteria and application decision uncertainty.

“We’re proud to bring to market a range of products that have been built with landlords in mind: long-term fixed rates, competitive pricing, low deposits and sympathetic to self-employed and older customers. We guarantee certainty and speed to offer. It’s the next generation of mortgages.”

Customers will only be able to access the products via the Habito Brokerage.

The firm plans to launch company buy-to let and portfolio landlord mortgages later this year and a range of residential mortgages in the coming months.

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