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Best buy-to-let mortgages: rates at a record low

Looking for a buy-to-let mortgage? There are some excellent deals available – provided you know where to look.

The number of buy-to-let loans secured by buy-to-let landlords increased in January to the second highest monthly level since the introduction of the 3% stamp duty surcharge on second homes in April 2016, behind November 2016, the latest figures show.

The rise in buy-to-let lending, including remortgages, is being fuelled by record-low borrowing rates, with lenders cutting costs across a range of products in an effort to entice buy-to-let investors.

“There are some fantastic deals out there for buy-to-let, with low rates and decent incentive packages available to reduce the cost of the mortgage itself – particularly as some rates are priced in at sub-2%,” said Rachel Springall, finance expert at Moneyfacts.

Virgin Money, for instance, is currently offering a buy-to-let deal priced at 1.54% fixed until 1st September 2019 for borrowers with a 40% deposit, subject to a £1,995 product fee and £500 cashback, but overall, the average fixed buy-to-let mortgage comes in at 3.34%, down from 3.63% a year ago, according to Moneyfacts.

Figures presented to Landlord Today by Moneyfacts reveal that there are currently 1,556 buy-to-let mortgage products available, up from 1,352 a year ago.

Here are some of the ‘best buy’ buy-to-let mortgage products currently on the market: 

                 
BEST BUYS - Direct Products – BTL 1st Time Landlord Rates  
           
  Provider Rate Rate Type Period Max LTV Min Fee Redemption Incentives
  Virgin Money 1.80% Variable 01/07/2019 60% £995 To 01/07/2019 £500 cashback. No Higher Lending Charge (HLC).
  Leek United BS 1.99% Variable 2 years 75% £1,495 1st 2 years Refund valuation fees (Max £341). No Higher Lending Charge (HLC).
  Virgin Money 2.29% Variable 01/07/2019 75% £995 To 01/07/2019 £500 cashback. No Higher Lending Charge (HLC).
  Coventry BS 1.69% Variable Term 65% £1,999 None Free valuation fees (Max £700), remortgage customers get free legal fees.  No Higher Lending Charge (HLC).
  Post Office Money® 1.98% Fixed 30/04/2019 75% £995 To 30/04/2019 No Higher Lending Charge (HLC).
  Virgin Money 1.99% Fixed 01/07/2019 75% £1,995 To 01/07/2019 £500 cashback. No Higher Lending Charge (HLC).
  Post Office Money® 2.28% Fixed 30/04/2020 60% £995 To 30/04/2020 No Higher Lending Charge (HLC).
  Barclays Mortgage 2.89% Fixed 31/05/2020 75% - To 31/05/2020 Remortgage customers get free valuation fees and free legal fees. No Higher Lending Charge (HLC).
  Barclays Mortgage 2.49% Fixed 31/05/2022 65% £1,850 To 31/05/2022 Remortgage customers get free valuation fees and free legal fees. No Higher Lending Charge (HLC).
  HSBC 2.79% Fixed 30/06/2022 75% £1,999 To 30/06/2022 No Higher Lending Charge (HLC).
                 
BEST BUYS - Direct Products – BTL 2 Year Fixed Rates    
         
  Provider Rate Rate Type Period Max LTV Min Fee Redemption Incentives
  Virgin Money 1.54% Fixed 01/07/2019 60% £1,995 To 01/07/2019 £500 cashback. No Higher Lending Charge (HLC).
  Post Office Money® 1.75% Fixed 30/04/2019 60% £995 To 30/04/2019 No Higher Lending Charge (HLC).
  Post Office Money® 1.93% Fixed 30/04/2019 70% £995 To 30/04/2019 No Higher Lending Charge (HLC).
  Post Office Money® 1.98% Fixed 30/04/2019 75% £995 To 30/04/2019 No Higher Lending Charge (HLC).
  Virgin Money 1.99% Fixed 01/07/2019 75% £1,995 To 01/07/2019 £500 cashback. No Higher Lending Charge (HLC).
  Leek United BS 2.14% Fixed 30/06/2019 75% £1,495 To 30/06/2019 Refund valuation fees (Max £341). No Higher Lending Charge (HLC).
  Principality BS 2.30% Fixed 30/04/2019 60% - To 30/04/2019 Free valuation fees. Remortgage customers get free legal fees. No Higher Lending Charge (HLC).
  Virgin Money 2.45% Fixed 01/07/2019 75% £995 To 01/07/2019 £500 cashback No Higher Lending Charge (HLC).
  HSBC 2.54% Fixed 30/06/2019 75% £349 To 30/06/2019 No Higher Lending Charge (HLC).
  Post Office Money® 2.63% Fixed 30/04/2019 75% - To 30/04/2019 Free valuation fees. Remortgage customers get free legal fees. No Higher Lending Charge (HLC).
                 
  Source: Moneyfacts.co.uk          
                 
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