My mortgage broker thinks that we possibly are.
One of his favourite lenders, with whom I have multiple mortgages, have just released their new rates and terms for their core buy to let mortgage products.
Now I have to say that the headline rates aren’t the cheapest that you’ll find on the market.
But we all know that we shouldn’t be basing our decisions on which mortgage to get purely on the headline rate.
There are many other costs and factors to take into account.
Not least of which are inducements like free valuations and cashbacks.
Before I tell you about their main products, I just need to explain something.
I have been asked by readers in the past why I don’t give the name of the particular lender.
The main reason is this.
Most buy to let lenders will not allow you to apply direct.
They require you to apply through an intermediary, in other words a mortgage broker.
Why?
Well, I imagine because choosing the right mortgage is not straight forward.
In normal times there are close to 2000 different buy to let mortgage products to choose from, offered by almost 100 different lenders.
You need to fully understand the market, and crucially the needs and requirements of the borrower, in order to match the borrower with the right mortgage product.
So what the lenders don’t want is the FCA or some other regulatory body breathing down their necks and asking why they’ve lent a borrower a particular buy to let mortgage, when it was clear that the borrower didn’t really know what they needed. Or what the alternatives were.
So with that said, as always, if you’d like me to introduce you to my very good mortgage broker please just email me and I’ll be happy to put you in touch.
Thepropertyteacher@gmail.com
So here is an indicative sample of some of the core products now being offered by this particular lender.
For portfolio landlords (with 4 or more properties):
3.20%
2 year fixed
75% LTV
Product fee – 1.00%
Free mortgage valuation
£750 cashback
£299 application fee
APRC – 4.20%
Available on single self-contained properties (SSC)
3.45%
5 year fixed
75% LTV
Product fee – 1.50%
Free mortgage valuation
£750 cashback
£299 application fee
APRC – 4.10%
Available on single self-contained properties (SSC)
For non-portfolio landlords:
2.99%
5 year fixed
70% LTV
Product fee – 1.50%
Free mortgage valuation
£299 application fee
APRC – 4.00%
Available on single self-contained properties (SSC)
3.35%
5 year fixed
75% LTV
Product fee – 1.50%
Free mortgage valuation £350 cashback
£299 application fee
APRC – 4.10%
Available on single self-contained properties (SSC)
Remember, if you’d like me to put you in touch with my mortgage broker who will help you to assess your financial needs and match you to the right mortgage product, please just email me and I’ll put you in touch:
Thepropertyteacher@gmail.com
Here’s to Successful Property Investing.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://www.ThePropertyTeacher.co.uk
- By the way, I’ve rewritten and updated my best-selling e-book, The Successful Property Investor’s Strategy Workshop, which is an account of how I put together my multi-property portfolio, starting from scratch and with no money of my own, and how you can do the same.
For more details please go to:
https://www.ThePropertyTeacher.co.uk/the-successful-property-investors-strategy-workshop