Best Buy To Let Mortgages UK
Finding The Best Buy To Let Mortgages UK Lenders Have To Offer
When it comes to finding the best buy to let mortgages UK lenders provide, you don't have far to look. In July 2011 we prepared a list of what we believe are the best buy to let mortgages UK providers have available. It is worth noting that this list can change quickly, as old deals are withdrawn and new deals posted almost daily. This means that this roundup of the best buy to let mortgages UK banks and building societies offer is just a guide. When you are ready for a BTL mortgage, check for up to date deals or ask a professional BTL mortgage broker to help you find the best buy to let mortgages UK providers offer based on your circumstances.
To start our list of the best buy to let mortgages UK we will focus on a straightforward 65% loan to value purchase with good rental income. There are over 230 products available from over 13 different lenders.
The Mortgage Works is always a lender that is worthy of consideration. They are offering competitive deals on both fixed and tracker rates with rental coverage of 125% of 4.99% or the pay rate (whichever is higher). Their mortgages are available up to 80 per cent for existing landlords and 75 per cent for first time landlords and the lender is currently processing mortgage applications in very good time. They offer a range of arrangement fees from the flat £799 up to 3.5% of the advance. They do not have a restriction on how many properties you can mortgage with them and will also consider lending to SPV Limited Companies.
The second deal on the list of the best buy to let mortgages UK is from Godiva Mortgages, the specialist arm of Coventry Building Society, who are also offering a variety of different deals at different rates. Their deals are also available up to 75% loan to value however the more attractive deals are under 65 per cent. You are will generally be locked in with penalties until the end of the fixed rate or tracker rate period. Godiva's arrangement fees are what makes this lender so attractive and usually with minimal set up fees. You can obtain mortgages on a maximum of 3 properties with them and they do have a £25,000 income requirement.
The Mortgage Works
Another institution on the list of the best buy to let mortgages UK providers have on offer is from Northern Rock. They are offering very competitive rates over varying terms although currently some of their arrangement fees can be a bit on the steep side. This lender offers flexibility on individual landlords and will consider first time landlords. This entry in our list of the best buy to let mortgages UK lenders offer is available up to 70 per cent loan to value although there are even better rates available at lower loan to values. Again a provable income at £25,000 is required. Up to 10 properties can be mortgaged to them.
Mortgage Trust / Paragon have returned to the market with specific deals tailored to private and professional landlords. Mortgage Trust deals are available up for up to 5 properties with no restriction on mortgages held with other lenders. Paragon products are aimed at the larger professional landlords with essentially up to £5mill lending available. They have a mixture of fixed and variable rates on offer with relatively competitive arrangement fees. As they have their own valuers, they are always willing to consider something "out of the ordinary" and it's always worth the broker running the details past them for consideration.
Kensington mortgage have returned to the buy to let market offering deals at 85% and even have options available to first time landlords. Their minimum income requirement of up to £30,000 and owner occupier status, confirms the type of applicant they are looking for. Rental income is at 120% of the pay rate and fees range from £1,499 up to 2.5% of the advance. They will even consider applications if you have had some adverse credit in your history *must be over 2 years old.
