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A selection of buy-to-let lenders have eased their acceptance criteria over the last week as they look to ramp up the number of mortgages they provide. 

Many of the banks and building societies have increased their maximum loan sizes, lowered their rates and reduced the size of the deposit landlords need to qualify. 

Accord Mortgages has removed its maximum property valuation cap and increased its maximum loan size back up to £1 million. The lender has also lowered the size of the deposit borrowers need to qualify to 25%.  

Skipton International is offering property purchase mortgages and remortgages to expats and foreign nationals, and Gatehouse Bank will now lend up to £5 million on buy-to-lets in England and £750,000 in Wales. 

Barclays and many of the smaller lenders have lowered the price of their buy-to-let rates. Specialist lenders like Zephyr Homeloans have reopened while Pepper Money has also reintroduced its prime and adverse credit mortgages. 

Paragon can provide more complex buy-to-let mortgages again now that its property values have returned to work. While BM Solutions, previously Birmingham Midshires, is offering 25% deposit buy-to-let mortgages again and a let-to-buy product suitable for homeowners planning to let their home and purchase another property.

Aaron Strutt, product director at Trinity Financial, says: “We have been speaking to a lot of people who want to purchase a buy-to-let property or refinance to secure a lower rate. Clydesdale Bank is providing 20% deposit buy-to-let mortgages providing they are taken on a capital repayment basis, and the bank is also offering £1 million+ mortgages again.” 

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

FAQs

Which lenders have the cheapest buy-to-let mortgages?

A host of lenders including NatWest for Intermediaries, Barclays and Virgin Money are offering sub-1.5% buy-to-let two-year fixed rates. 

The Mortgage Works has one of the lowest ever two-year fixed rates priced at 1.19% although the product has a 2% arrangement fee. The rate is fixed until 31 July 2022 and applicants will need a 35% deposit to qualify. After the fixed-rate, the mortgage reverts to the 4.74% standard variable rates and early repayment charges apply. The APRC is 4.4%.

Trinity Financial has access to NatWest for Intermediaries 1.35% buy-to-let fixed rate which is lock int until 30 Septemeber 2022 and the rate has a £995 arrangement fee. After the fixed period the mortgage reverts onto NatWest's 4.09% standard variable rate and the APRC is 4.4%. Applicants will need a 40% deposit to qualify, the maximum loan size is £2 million and early repayment charges apply.

There is a selection of lenders offering five-year buy-to-let rates from 1.62% if you would like a longer-term fixed-rate.

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