The Telegraph: Landlords can now borrow more – if they lock in for the long term
One of the country’s biggest buy-to-let lenders has changed its rules to allow landlords to borrow substantially more if they’re willing to sign up to a fixed-rate deal for 10 years.
Aaron Strutt of Trinity Financial, told The Telegraph: “This is an improved option for borrowers from one of the biggest buy-to-let lenders.”
He added the offer from The Mortgage Works would appeal to landlords who are planning to stay in the market for the long term, but he warned that there were drawbacks.
“If you lock into a 10-year fix you are limiting your ability to refinance the property, to swap to the cheapest deals or sell without paying an exit fee. The 10-year rates are more expensive than the cheapest two-year fixes, so landlords will pay for the privilege of the payment security.”
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