A sign of the times – with demand for buy-to-let loans significantly down by nearly 19% this year, lenders have responded by cutting rates and offering landlords rock-bottom deals. The current long term fixed rate and variable rate investor mortgages are the cheapest we have ever seen.
Just look at a few examples. The Leeds Building Society are offering a discounted variable rate loan at just 1.14% for landlords with a 40% deposit. The Mortgage Works, part of Nationwide Building Society, have a 5 year fix rate of just 1.99% and a 10 year fix rate at just 2.74%. Arrangement fees can be quite steep at £1995 but for larger loans and longer term fixed rates, these are still almost unbelievable deals.
There is more good news around affordability checks. Lenders like these, plus the Post Office and Bank of Ireland are using only the potential rental income to assess the size of the mortgage available without needing to factor in the landlords personal income.
If you are a buy to let landlord with a mortgage, either with a variable rate loan or if you haven’t checked the market for some time, now is a good time to act.
We can help you find the right mortgage and maximise your savings.
What’s more, we can also help you make sure you are charging your tenants the right market rent which can also be falling behind if you don’t review it regularly and have had the same tenants in place for many years.
Call us on 01983 525710 and grab an early Christmas present.