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The Mortgage Lender launches £500,000+ buy-to-let mortgage rates

Aaron Strutt Image

The Mortgage Lender (TML) has launched two buy-to-let rates for mortgages between £500,000 and £3 million.

The lender’s larger loan rates are available to landlords with a 25% deposit. There is a 0.50% arrangement fee for mortgages between £500k-£750k, rising to 0.75% for loans over £750,000.

TML's lowest five-year fix is 3.29% and it is available if you have a 30% deposit. After the fixed-rate, the mortgage reverts to LIBOR+ 5% and the APRC is 5.30%. The arrangement fee is 0.75% if the loan amount is over £750,000.

Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a buy-to-let mortgage below £1 million there is a wider choice of lenders offering incredibly cheap rates. The larger loan rates are still well priced but they are not quite so cheap especially if you are at a higher loan-to-value.”

The Mortgage Lender will cap the maximum loan size at £1,500,000 for Houses in Multiple Occupancy, and the rates are not available to first-time landlords.

Call Trinity Financial 020 7016 0790 to secure a larger buy-to-let mortgage

Trinity's brokers have access to a range of lenders providing £1 million+ buy-to-let mortgages including The Mortgage Works, Barclays and Clydesdale Bank.

NatWest for Intermediaries is offering sone of the most competitively priced buy-to-let rates for property purchases and remortgages.

The bank's lowest rate for property purchases is 1.35% fixed for two years and it has a £995 arrangement fee. Applicants will need a 40% deposit to qualify. 

After the fixed-rate period, the mortgage reverts to the lenders 4.74% standard variable rate and the overall cost for comparison is 4.4% APRC.

The rate increases by 0.25% if you are remortgaging to the bank and there is a free property valuation and legal service.

If you are looking for a mortgage between £2 million and £3 million Trinty Financial has access to lenders including Metro Bank for Intermediaries, Family Building Society and Kent Reliance providing larger loans. 

Precise Mortgages has a 1.99% two-year fix for buy-to-let mortgages up to £3 million at 75% loan-to-value. After the fixed-rate, the mortgage reverts to 4.75% over the Bank of England base rate and the overall cost for comparison is 5.40%. There is a high 2.5% arrangement fee.

If Precise's higher arrangement fee makes the deal uncompetitive, Trinity's brokers have access to a private bank offering a 2.39% Bank of England tracker rate with a 1% arrangement fee. After the tracker rate, the mortgage reverts to 5% and the overall cost for comparison is 4.8% APRC.

The mortgage does not have any early repayment charge and landlords will need a 40% deposit to qualify. The rate is 0.10% higher if you have a 30% deposit.


As seen in
sunday times telegraph financial times bbc news the express the times
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