Mortgage rates have been falling lately and lenders have been taking advantage of the funding for lending scheme, this means that many landlords in the UK will benefit from buy to let deals. At the moment, there is strong demand for housing in England in Wales, which creates an opportunity for property investors and landlords to choose the right product – so that they can save on fees and maximise their rental yield.
So what are some of the top Buy to Let Mortgages that are available in the UK? Here are some of the best contenders:
The NatWest 2 Year BBR+2.39% Buy to Let Mortgage
This is a mortgage that offers
Maximum LTV of 60% and an initial tracker rate of 2.89% until the 31st of July, 2016. The subsequent rate
after this will be 4.5%. This mortgage offers a lot of advantages for the buy
to let borrower.
The Virgin 2 Year 2.89% Fixed Buy to Let + Cashback Mortgage
This mortgage offers an initial
rate of 2.89%, which is fixed until the 1st of April 2016. After that, it offers a
subsequent rate of 4.99%, with 5.0% APR as the overall cost for comparison. The
Maximum LTV for the mortgage is 60%. A minimum income of £25,000 is required
for this buy to let mortgage.
RBS 2 Year 2.99% Fixed Buy to Let
This is another mortgage which is
designed specifically for buy to let. It offers a maximum LTV of 60% and offers
an initial rate of 2.99%. This rate will be fixed until the 31st of July, 2016 – until it changes to
4%. The overall cost for comparison is 4.2% APR.
Take your time to shop around
Remember, when you are getting a buy-to-let mortgage it is much like a residential mortgage. There will be legal and valuation fees associated with the mortgage, as well as stamp duty. You should also consider insurance when you are making your decision. You will need to have buildings insurance that is designed specifically for landlords, which can be more expensive than general residential cover.
Take your time selecting the right Buy to Let Mortgage, so that you can find something that will be advantageous and fit your needs – it is a long term commitment so it is worth carefully comparing your choices so that you can find something that suits you perfectly.
Protect your investment property with specialist buy to let insurance from Discount Landlord.
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