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With interest rates and buy-to-let mortgage rates forecast to rise later in the year I've gone in search of the 3 best fixed rate buy-t0-let mortgages deals.LOWEST PAY RATE 2.99%
The lowest initial pay fixed rate buy-to-let mortgage is offered by The Mortgage Works with a 2.99% fixed until 28/02/11, effectively a 1 year fix.
This buy-to-let loan is available up to 60% LTV.
The arrangement fee for this mortgage is 3,75% with a minimum of £595.
BEST LONG TERM FIX
Whiteaway Laidlaw Bank offer excellent longer term fixed rate buy-to-let mortgages.
This includes a 4.84% 3 year fix as well as a 5.39% 5 year fix.
These products are only available to landlords with up to a maximum of 5 properties with all buy-to-let lenders.
Arrangement fees are 2.75% and 2.5% of the loan respectively. Both buy-to-let mortgages are available up to 70% of the value of the property.
MAX LTV
Landlords looking at maximising their leverage on their buy-to-let loans should have a look at Clydesdale Bank and Yorkshire Bank who offer the only 80% LTV buy-to-let mortgage.
The initial pay rate is 6.99% and is fixed until 30/04/2015.
A landlord is limited to 3 buy-to-let mortgages with these lenders.
Ring 01424 205 373 or email to find out more on these products or to discuss other options. ref - PropertyHawk for No Broker Fee Offer
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1 comment:
Headline rates are fine but you should quote the reversion rates ie what the pay rate will be after the fixed term has elapsed.
I was caught out when I bought my apartment for £135k @5.75% fixed for 2 years starting in August 2007. Since then it was downhill - I've lost £22k of equity which meant I couldn't remortgage when the fixed rate finished. So I was stuck with my lender's SVR. However, it turned out that their SVR is a mere 2.5% above base.
If you get stuck with a lender's SVR which is higher than that of the competition, you could pay later more than you saved during the fixed term.
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