Buy to let mortgages available with a 15% deposit
Banks and building societies are now offering lower buy to let mortgage rates and there are options for investors with a 15% deposit.
The level of competition between buy to let mortgage lenders has increased over the last few months and there are more options for borrowers with a range of deposits. Arrangement fees have also been reduced.
The Kensington Mortgage Company continue to be one of the lenders actively looking to lend buy to let mortgages and they have competitive rates available to investors with a 15% deposit. They are happy to lend to first-time and professional landlords.
Two-year fixed rates are available at 5.99% if you have a 15% deposit and the arrangement fee is 2.5% of the loan amount. Kensington allow up to six properties to be mortgaged when them and the maximum loan they offer is £350,000 per property.
If you have a larger deposit then there are cheaper buy to let mortgages available and they have lower arrangement fees. Godiva Mortgages offer a two year fixed rate for those with a 40% deposit at 4.49% and they provide a free property valuation. The arrangement fee is £999 and the APR is 4.9%.
Trinity Financial have helped more clients to buy investment properties and we expect demand to get stronger as the banks appetite to lend increases. There has also been the re-emergence of specialist buy-to-let lenders and we can help our clients secure mortgages to limited companies, HMO's (houses of multiple-occupancy) and houses split into self contained flats.
March 11, 2011
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