Kent Reliance for Intermediaries has lowered the price of its five-year fixed rate by 0.25% for buy-to-let mortgages up to 75% loan-to-value. The mortgage is available for loans between £750,000 and £3 million.
Kent Reliance’s rate is fixed at 3.54% for five years and it has a 1.75% arrangement fee. After the fixed-rate, the mortgage reverts to the lenders 6.83% standard variable rate. The overall cost for comparison is 5.8% APRC.
The limited-edition rate is available to landlords with or without property portfolios and there is no limit on the number of properties a client can own.
- Up to 85% loan-to-value (up to 80% on loans above £750,000)
- Affordability assessed at five-year fixed pay rate
- No maximum portfolio limit
- HMOs, student lets and multi-unit blocks accepted
- Sole and limited company applicants
Aaron Strutt, product director at Trinity Financial, says: "Our brokers have access to a selection of lenders offering £1 million+ mortgages and they offer cheaper rates and lower arrangement fees if you have a larger deposit.
"If your property has a strong rental income and you have a good salary, you are more likely to qualify for a low rate. However, Kent Reliance has one of the more generous buy-to-let rental stress test calculations especially at higher loan-to-values enabling landlords to secure larger loans."
Call Trinity Financial on 020 7016 0790 to secure a large buy-to-let mortgage
NatWest for Intermediaries is offering some of the most competitively priced buy-to-let mortgages in the market.
If you are purchasing a buy-to-let property NatWest has a 1.35% two-year fix and after the rate finishes it reverts to the lenders 4.74% standard variable rate. The overall cost for comparison is 3.8% APRC and there is a £995 arrangement fee. Applicants will need a 40% deposit to qualify and the maximum loan size is £3.5 million.
If you are looking to remortgage a buy-to-let property, NatWest for Intermediaries' lowest two-year fixed rate is 1.60%. The mortgage reverts to the lenders 4.74% standard variable rate and the overall cost for comparison is 3.9% APRC. There is a £995 arrangement fee and applicants will need a 40% deposit to qualify. The maximum loan size is £3.5 million.
Trinity Financial is one of a limited number of brokers to have direct access to NatWest's specialist large loan agreement team. They provide an enhanced service for clients looking for mortgages over £1 million.
Some mortgage lenders and private banks use an applicant’s personal income as well as the rent to provide larger mortgage loans. Trinity Financial has access to a host of banks including Barclays for Intermediaries and Metro Bank to secure more generous mortgages for those with larger incomes.
Many of the lenders are using completely different rental calculations to work out the maximum loan size, so the buy-to-let market is a lot more complicated than it used to be.
Even if a lender is offering a super-cheap rate, there is no guarantee landlords will qualify if the rental calculation is tight.