Mortgage lenders have started to reduce the cost of their cheapest fixed and tracker rates to attract more customers. Nationwide for Intermediaries has reduced the price of some rates by 0.4% while Barclays has lowered some mortgages by 0.18%.
The most competitively priced rates are available to borrowers with larger deposits from 1.25%, and five-year fixes start at 1.35%. If you have a 20% deposit the rates are typically 0.25% more expensive. These mortgages tend to have £999 arrangement fees and free property valuations.
Aaron Strutt, product director at Trinity Financial, says: "Even though the lenders have tightened their acceptance criteria there is still a lot of choice in the mortgage market. If your application is not accepted by one lender there tends to be another option."
The Mortgage Works buy-to-let rate is available below 1.20% with a 2% arrangement fee. Generally two-year buy-to-let fixes have £1,499 arrangement fees are priced around 1.5% if you have a 40% deposit. Landlords will need a deposit of 25% to secure a mortgage.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation