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Over the last few weeks several buy to let mortgage lenders have begun to waiver their early repayment charges on their loans, giving borrowers an opportunity to find new mortgages.

Bradford & Bingley's buy to let arm Mortgage Express, as well as the Chelsea Building Society have both started offering some borrowers a waiver of the possibly costly ERC, which means those borrowers can begin to search for a new lender without fear of having to break their old contract. The lenders are doing this to reduce their costly mortgage books and to try and limit the amount of new buy to let mortgages they offer.

if you are a borrower with Chelsea or Mortgage Express and have been offered this chance, talk to your mortgage broker immediately and see what your options are. You might find it's better to stay on the standard variable rates for the short-term, and that's fine. But you might want to shop around and find a new mortgage.

You may have got your buy to let a few years ago, when rates may have been 6% or 7%. But now, thanks to the historically low interest rate, some buy to let rates are incredibly low, several percent lower than a few years ago. This could equate to hundreds of pounds of savings every month; thousands if you have several properties.

So if you get a letter from either of these lenders, don't waste any time – talk to your mortgage broker. Buy to let mortgages have been hit by the credit crunch, so there is less choice out there now and time is of the essence. Even if you think you want to stick with B&B or Chelsea's SVR, still talk to your broker to weigh up all your options. This unique opportunity should not be missed.

To keep up with the latest News and comment on the UK buy to let market visit the Buy to Let Mortgage Blog