It ain't easy for landlords to find a buy-to-let mortgage these days. Things are particularly difficult for landlords trying to find a mortgage that will benefit from a falling base rate which some commentators expect could go as low as 1% next year.
How do I access the best buy-to-let mortgage rates?
Here are the best variable and tracker rates I can find. If you can find better please post a comment with the details.
1. Godiva Mortgages are doing a 5.34% headline rate up to 30.09.13 based on the lender btl svr
Max LTV is only 65% and only for professional landlords
2. BM Solutions will stretch to 75% and have no restrictions on portfolio size so great for professional landlords. They offer a 6.19% pay rate which is Bank of England Base Rate (BBR) + 3.19% for 3 years.
3. Cheltenham & Gloucester are also doing a similar BBR + 3.19%
4. Bank of Scotland Mortgages are doing a BBR + 3.24% until 31.01.12
5. For landlords with green credentials they could try the Ecology Building Society who are offering their standard variable rate of 6.70% for the term of the buy-to-let mortgage. With only a £350 application fee & upto 80% prepared to get knocked over in the stampede!
6. The other building society offering a rate based on their SVR is National Counties BS who's BTL SVR currently stands at 7.05%
Word of warning
Before committing to a variable or tracker rate landlords should read the small print. This is because many lenders operate what is called a 'collar' which is a rate that they will not drop their mortgages below how ever low the base rate goes.
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