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Barclays for Intermediaries has introduced an impressively low ten-year fixed buy-to-let mortgage priced at 2.99%.

At the end of the fixed period, which expires on the 31 May 2027, the mortgage will revert to 4.74% - which is 4.49% over the BBBR. The overall cost for comparison is 3.76% APRC.

Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a longer term buy-to-let mortgage there are some great rates available. Barclays has a range of five, seven and ten-year buy-to-let rates and they are all priced around 3 per cent.

“Most of the lenders do not offer ten-year fixes and if they do, their rates can be up to 1.5% more than expensive. If you want the cheapest rate the super-low two year fixes or trackers will probably be the best option.”

The 2.29% rate has a £2,000 arrangement fee and 5% early repayment charges until 31 May 2027. Applicants will need a 35% deposit to qualify and 10% overpayments can be made each year without charge.

The maximum loan size is £1 million and the mortgage is available on interest-only or full capital-repayment.

Alternative options if the rental income is tight

Mortgage lenders typically use the rental income to work out how much you can borrow. However, rencent changes by the Prudential Regulation Authority have reduced the amount many landlords can borrow.

If your property does not generate enough to secure a large enough mortgage, Barclays allow clients to use their personal income to increase the maximum loan size. If your income is still not sufficient, other lenders are offering larger loans on their five-year fixed rate mortgages.

Representative example: A mortgage of £150,000 payable over 25 years, initially on a fixed rate until 31/05/2027 at 2.99% and then on a variable rate of 4.74% for the remaining 23 years, would require 178 monthly repayments of £710.54 followed by 178 monthly repayments of £799.39. The total amount repayable would be £228,977.30 made up of the loan amount, plus interest (£78,977.30) and fees of £2,000. The overall cost for comparison is 3.76% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

To secure a longer term buy-to-let mortgage, call Trinity on 020 7016 0790.

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