Top 10 Best Buy to Let Mortgages

 
01/09/2016

Top 10 Best Buy to Let Mortgages

30.08.16 Written by Jeni Browne

Jeni Browne, Head of Sales hand-picks her favourite rates taking into account the differing needs of landlords and property investors

This week we have chosen the following rates...

The first five rates are for individual borrowers and the last five are for limited company borrowers.

1

 

1.80% (4.5% APR) 2 year discounted

This rate is ideal for those looking to secure a low rate linked to Bank Rate and comes with £500 cash back. This lender is still offering a generous stress test calc for individuals. During the ERC period overpayments can be made of up to £1,000 each month. Borrowers can remortgage from day one. 

Key features

  • 60% LTV up to £1,000,000
  • ERCs apply
  • £25k pa minimum income requirement
  • £995 arrangement fee
  • RTI 125% @ 5.99%
  • Purchase and remortgage
  • Remortgage at capital day 1

Borrower types accepted

  • Individuals
  • 'Accidental' landlords - consumer buy to let 

Tenants accepted 

  • Standard ASTs 
  • Students to be considered

Property types accepted

  • Ex-council houses & flats
  • New build properties 
  • Vanilla buy to let property

 

 

 

2

 

1.64% (5.5% APR) 2 year fixed

Currently the lowest remortgage rate on the market. This lender offers a 35 year term with this product. Another key feature is its generous stress test calculation at 125% at 5.50% for individuals this lender is one of few that hasn't already upped its RTI ahead of the PRA consultation, meaning investors are able to obtain a higher loan amount with this lender.

Key features

  • 60% LTV up to £500,000
  • ERCs apply
  • £25k pa minimum income requirement
  • £1,845 arrangement fee
  • RTI 125% @ 5.50%
  • Remortgage only

Borrower types accepted

  • Individuals 

Tenants accepted 

  • Standard ASTs 
  • Students 

Property types accepted

  • Ex-council houses & flats 
  • Vanilla buy to let property


 

3

 

2.79% (4.3% APR) 5 year fixed

Ideal for landlords who are looking for a low rate for the next five years. There is no minimum income requirement and the lender offers further advances after 6 months. The product also has a very generous stress test calculation at 125% at 4.99% for individuals.

Key features

  • 60% LTV up to £1,000,000
  • ERCs apply
  • No minimum income requirement
  • £1,995 arrangement fee
  • RTI 125% @ 4.99%
  • Purchase and remortgage

Borrower types accepted

  • Individuals
  • Consumer buy to let - 'accidental landlords'
  • First-time landlords

Tenants accepted 

  • Standard ASTs 
  • Students
  • Company lets

Property types accepted

  • Ex-council houses & flats
  • Studio flats
  • Vanilla buy to let property

 

 

4

 

2.38% (4.7% APR) 2 year fixed

If you are looking to borrow up to 75% LTV this is one of the cheapest two year fixed rate products out there at the moment. This lender allows unlimited number of rental properties in the background, so is ideal for landlords with large portfolios. You can remortgage at day one with this product which most lenders don't allow until after owning the property for 6 months.

Key features

  • 75% LTV up to £1,000,000
  • ERCs apply
  • £25k minimum income requirement
  • £1,995 arrangement fee
  • RTI 125% @ 5.99%
  • Purchase and remortgage
  • Remortgage at capital day 1

Borrower types accepted

  • Individuals
  • Consumer buy to let - 'accidental landlords'

Tenants accepted 

  • Standard ASTs 
  • Students to be considered

Property types accepted

  • Ex-council houses & fl
  • New builds 
  • Vanilla buy to let property

 

 

5

 

3.99% (4.3% APR) 10 year fixed

One of the only 10 year fixed rates available on the market! Not only will this rate protect you from increasing mortgage payments over the next ten years, it is also competitively priced. Another key feature is its very generous stress test calculation at 125% at 4.99% for individuals. This lender is happy to accept income solely from property investment.

Key features

  • 75% LTV up to £750,000
  • 70% LTV up to £1,000,000
  • ERCs apply
  • No minimum income requirement
  • 2% arrangement fee
  • RTI 125% @ 3.99%
  • Purchase and remortgage

Borrower types accepted

  • Individuals
  • Consumer buy to let - 'accidental landlords'
  • Borrowers using gifted deposits 

Tenants accepted 

  • Standard ASTs
  • Students 

Property types accepted

  • Ex-council houses 
  • New builds
  • Highrise flats
  • Vanilla buy to let property

 

6

 

3.19% (4.5% APR) 3 year fixed

The lowest three year fixed rate for SPV Ltd Co's on the market. You can borrow up to £1,500,000 and remortgage within the first six months. It also has a generous RTI calculation at 125% @ 4.5%.

Key features

  • 60% LTV up to £1,500,000
  • 50% LTV up to £3,000,000
  • ERCs apply
  • £25k pa minimum income requirement
  • 1.25% arrangement fee
  • RTI 125% @ 4.5%
  • Gifted deposits accepted
  • Purchase and remortgage
  • Remortgage at capital day one

Borrower types accepted

  • Individuals
  • First-time landlords
  • SPV Ltd Co's & LLPs

Tenants accepted 

  • Standard ASTs 
  • Students  
  • Housing association tenants

Property types accepted

  • Ex-council houses
  • Multi-unit properties
  • High-rise flats
  • Vanilla buy to let property

 

 

7

 

2.84% (4.1% APR ) 5 year discounted

Lowest tracker available for SPV Ltd Co's, ideal for first-time landlords and those who want a rate that tracks Bank Rate. This lender also accepts gifted deposits.

Key features

  • 65% LTV up to £1,500,000
  • 50% LTV up to £3,000,000
  • ERCs apply
  • £25k pa minimum income requirement
  • £995% arrangement fee
  • RTI 125% @ 4.5%
  • Gifted deposits 
  • Purchase and remortgage
  • Remortgage at capital day one

Borrower types accepted

  • SPV Ltd Co's & LLPs
  • Individuals
  • First-time landlords 

Tenants accepted 

  • Standard ASTs 
  • Students
  • Housing association lets 

Property types accepted

  • EX-council houses
  • Multi-unit properties 
  • High-rise flats
  • Vanilla buy to let property

 

8

 

3.69% (5.6% APR ) 5 year fixed

A great rate for SPV limited company applicants who are looking to purchase an HMO property. This lender allows applicants to be up to 80 years at the end of the loan term. You can remortgage at day one with this product which most lenders don't allow until after owning the property for 6 months. 

Key features

  • 75% LTV up to £500,000
  • 65% LTV up to £1,000,000
  • ERCs apply
  • No minimum income requirement
  • 1.5% arrangement fee
  • RTI 125% @ 5%
  • Purchase and remortgage
  • Remortgage at capital day 1

Borrower types accepted

  • SPVs & LLPs
  • Ex-pats
  • Related transactions
  • Individuals

Tenants accepted 

  • Standard ASTs
  • Students
  • Housing association lets

Property types accepted

  • Ex-council houses
  • Flats over commercial & new builds
  • Multi-units & HMOs
  • Vanilla buy to let property


 

9

 

4.49% (6.6% APR ) 2 year fixed

Ideal if you need a high loan to value product when purchasing or remortgaging via an SPV Ltd Co. This product allows 80% LTV to £1,000,000 and overpayments of up to £499pcm can be made each month without incurring ERCs. Clients can be up to 85 years at the end of the loan term and must be over 25 when they apply. This lender will accept gifted deposits. It also accepts multi-units and HMOs. 

Key features

  • 80% LTV up to £1,000,000
  • ERCs apply
  • £25k minimum income requirement
  • Up to 85 years old at end of loan term
  • 1.5% arrangement fee
  • RTI 140% @ 5%
  • Gifted deposits accepted
  • Purchase and remortgage

Borrower types accepted

  • SPVs & LLPs
  • Individuals

Tenants accepted 

  • Standard ASTs 
  • Students

Property types accepted

  • Ex-council houses 
  • Multi-unit properties & HMOs
  • Vanilla buy to let property

 

 

10

 

4.09% (5.1% APR ) 5 year fixed

This rate offers one of the most generous stress test calculations for SPV Ltd Co's at 125% @ 4.09%. There is no maximum age specified at the end of the loan term and there is no minimum income requirement. This rate is available to SPV Ltd Co's. This lender will accept gifted deposits and related transactions so is good for landlords looking to sell personally owned property to their SPV Ltd Co. 

Key features

  • 75% LTV up to £500,000
  • ERCs apply
  • No minimum income requirement
  • 2% arrangement fee
  • RTI 125% @ 4.09%
  • Purchase and remortgage

Borrower types accepted

  • SPVs
  • Related transactions

Tenants accepted 

  • Standard ASTs 

Property types accepted

  • Ex-council houses
  • New builds
  • Vanilla buy to let property

 

Of course the best rate for you really does depend on your individual circumstance, so for more information call us for further information.

 

 

 

 

source:- http://www.mortgagesforbusiness.co.uk/news-insight/2016/august-2016/top-10-best-buy-to-let-mortgages/

 
« Back to Blog