BUY-TO-LET MORTGAGES: WHAT'S HAPPENING AND THE BEST DEALS
Lenders have slashed rates on buy-to-let mortgages to record lows to keep the market alive as the Chancellor cracks down.
Estate agents and banks reported a last-minute rush to buy second properties before a 3 per cent stamp duty surcharge on second homes arrived on April 1 - and lenders then slashed rates to keep landlord business coming in.
They have since risen a bit but remain low, although fees on the cheapest rates are high.
The Mortgage Works has a two-year fix at 2.09 per cent but this has a huge £5,000 arrangement fee. Newcastle BS has a two-year fix at 2.15 per cent with a £3,000 fee, while Accord has a two-year fix at 2.34 per cent with a £1,200 fee.
Leek BS has a five year fix at 2.8 per cent with fees of £995, while Leeds BS offers a fee-free five year fix at 3.39 per cent.
To compare the best deal for your circumstances use our buy-to-let mortgage finder tool powered by broker London & Country
The buy-to-let mortgage you will be offered depends on your circumstances and the lender's criteria. ideally, they prefer bigger deposits, strong rent to mortgage payments cover and healthy earnings elsewhere. London & Country can help you find the right deal and fee-free get advice.