New research from online buy to let mortgage broker Property Master reveals there are currently 41 BTL mortgages at the record low rate of 1.5 per cent or below.One lender is offering a BTL mortgage at 1.0 per cent, albeit for existing customers only.Property Master chief executive Angus Stewart says: “With the housing market racing to the finishing line of the [September 30] Stamp Duty holiday and with rents on the rise in most regions many landlords are looking to increase their property portfolio. Unsurprisingly lenders in the buy to let mortgage market are keen for a slice of this business and competition is hotting up in terms of pricing and the variety of products on offer.”
He continues: “Our advice to landlords though is to always look beyond the headline grabbing price. Lenders are still keen to manage their risks and some of the better deals come with lower Loans to Value of 60 or 65 per cent. Other lenders are limiting their offers to remortgages or product transfers. But this is not always the case and there are definitely some bargains to be had.”Landlords should also be aware of lenders specific product, lending and affordability criteria.
The Property Master research also shows 10 out of the 41 1.5 per cent or below BTL mortgage offers come without any arrangement fee. Those with arrangement fees charge between £995 and £1,999. All of these offers were for fixed rates with the vast majority fixed over two years.
0 Comments