There has been a rise in the number of first-time landlord mortgages as lenders look to tempt borrowers to invest in the property market.
Data from Moneyfacts.co.uk shows the number of products available for first-time landlords has increased from 1,034 in 2017 to 1,405 today.
Banks and building societies have different rules when they consider first-time landlord mortgage applications, some provide genuine first-time buyer buy-to-let, while others will expect the borrower to own a residential property before they apply.
Aaron Strutt, product director at Trinity Financial, says: “The lenders worry that applicants will break the rules and get a buy-to-let property and live in it, rather than let it out. Although this has happened in the past we have helped lots of genuine buyers get an investement property.”
Moneyfacts.co.uk also shows the cost of buy-to-let two and five-year fixed mortgages have fallen, with the average two-year fixed rate decreasing from 4.01% in 2014 to 2.97%. The average five-year fixed rate has been lowered from 4.68% to 3.52% during the same period.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage