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The margin between the cheapest buy-to-let and residential mortgage rates is reducing as the lenders continue to target landlords to tempt them to purchase more properties or remortgage.

Trinity Financial has access to NatWest for Intermediaries sub-1.35% buy-to-let two-year fix and Birmingham Midshires sub-1.7% buy-to-let five-year fix.

The Barclays rate has a £995 arrangement fee and Virgin’s rate has a £1,995 fee. Landlords will need a 40% deposit to qualify for these buy-to-let mortgages.

Aaron Strutt, product director at Trinity Financial, says: "To attract more buy-to-let business the lenders have been lowering rates and improving acceptance criteria. While buy-to-let purchase activity has reduced the remortgage market has been strong as landlords lock into the super-cheap fixed and tracker rates.”  

Best buy mortgages

Lender

Initial Rate

Period

Reversion rate after fixed or tracker period

The overall cost for comparison is

 

 

Deposit

Product fee

NatWest for Intermediaries

1.35% Fixed rate

30/06/2022

4.74%

4.4% APRC

40%

£995

Post Office for Intermediaries

1.61% fixed rate

30/04/2022

5.24%

4.7% APRC

25%

£1,495

Virgin Money for Intermediaries

1.56% fixed rate

01/05/2023

5.19%

4.4% APRC

40%

£1,995

Virgin Money for Intermediaries

1.74% fixed rate

01/05/2025

5.19%

4% APRC

40%

£1,995

The Mortgage Works

1.54% track rate

31/03/2022

4.74%

4.4% APRC

35%

£1,995

Coventry for Intermediaries

2.19% term tracker

Term

N/A

2.4% APRC

35%

£1,999

Source: Trinity Financial

FAQs

Are lenders using personal income to boost buy-to-let maximum loan sizes?

Trinity Financial has access to a wide range of mortgage lenders accepting a landlord’s personal income to boost their mortgage application and secure larger buy-to-let mortgages.

These ‘top-slicing’ mortgages are particularly useful for landlords when there are trying to purchase or remortgage a property and the rental income is not sufficient for the lender to offer a large enough loan.

Many of the banks and building societies have tightened their rental calculation making it harder to secure large enough buy-to-let mortgages. If you are looking to purchase a property and turn your existing home into a buy-to-let, it is likely you will need to use your personal income to access a large enough mortgage unless you have a significant deposit.

What happens if I want a like-for-like buy-to-let remortgage?

Trinity’s brokers are helping property investors to remortgage away from expensive standard variable rates by submitting applications to lenders with more attractive buy-to-let rental calculations for remortgages.

One bank is offering a generous stress test to landlords switching to the bank without raising extra funds. For landlords with a maximum of ten properties, the bank uses a calculation of 125% at 4%. The means that a property generating £1,500 rental income per month would offer £310,344 rather than the more standard £250,000.

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