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Buy To Let Mortgages For New Build Flats - Call 0117 403 4222

1.75% 2 Year Fixed

  • Overall cost for comparison 4.3% APRC

Representative Example: Mortgage of £120,000 on property valued at £200,000 over term of 25 years. Rate fixed for 2 years after which reverts to Post Office variable rate of 4.74%.

Call Post Office FREE on 0808 178 6813

2.68% 5 Year Fixed

  • Overall cost for comparison 4.0% APRC

Representative Example: Mortgage of £120,000 on property valued at £200,000 over term of 25 years. Rate fixed for 2 years after which reverts to Post Office variable rate of 4.74%.

Call Post Office FREE on 0808 178 6813

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 1.5%
Rate type: Fixed Jan-2020
Monthly cost: £494.37 per month
Max LTV: 60%
Product fee: £2770.00
Overall cost for comparison: 4.4% APRC
Barclays Bank logo 1.5% Fixed Jan-2020 4.4% APRC 60% £2770.00 £494.37 per month get quotes Call direct0117 313 7780
Initial rate: 1.5%
Rate type: Fixed Jan-2020
Monthly cost: £487.37 per month
Max LTV: 60%
Product fee: £1320.00
Overall cost for comparison: 4.3% APRC
Barclays Bank logo 1.5% Fixed Jan-2020 4.3% APRC 60% £1320.00 £487.37 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.54%
Rate type: Fixed Feb-2020
Monthly cost: £491.63 per month
Max LTV: 60%
Product fee: £1755.00
Overall cost for comparison: 4.4% APRC
Santander UK Plc logo 1.54% Fixed Feb-2020 4.4% APRC 60% £1755.00 £491.63 per month get quotes Call direct0117 313 7780
Initial rate: 1.55%
Rate type: Fixed Jan-2020
Monthly cost: £494.30 per month
Max LTV: 60%
Product fee: £2270.00
Overall cost for comparison: 4.4% APRC
Barclays Bank logo 1.55% Fixed Jan-2020 4.4% APRC 60% £2270.00 £494.30 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Jan-2020
Monthly cost: £501.19 per month
Max LTV: 50%
Product fee: £2132.00
Overall cost for comparison: 4.4% APRC
Godiva Mortgages logo 1.69% Fixed Jan-2020 4.4% APRC 50% £2132.00 £501.19 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Mar-2020
Monthly cost: £496.22 per month
Max LTV: 60%
Product fee: £1670.00
Overall cost for comparison: 4.4% APRC
BM Solutions logo 1.69% Fixed Mar-2020 4.4% APRC 60% £1670.00 £496.22 per month get quotes Call direct0117 313 7780
Initial rate: 1.69%
Rate type: Fixed Dec-2019
Monthly cost: £496.25 per month
Max LTV: 60%
Product fee: £1061.00
Overall cost for comparison: 4.6% APRC
Skipton BS logo 1.69% Fixed Dec-2019 4.6% APRC 60% £1061.00 £496.25 per month get quotes Call direct0117 313 7780
Initial rate: 1.79%
Rate type: Fixed Jan-2021
Monthly cost: £505.95 per month
Max LTV: 50%
Product fee: £2132.00
Overall cost for comparison: 4.2% APRC
Godiva Mortgages logo 1.79% Fixed Jan-2021 4.2% APRC 50% £2132.00 £505.95 per month get quotes Call direct0117 313 7780
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Representative Example:

A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.

 

The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).

 

In this example the overall cost for comparison is 3.7% APRC representative.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Buy to Let Mortgages for New Build Flats

Buy to let mortgages for new build flats

Some lenders are wary of offering buy to let mortgages on new build flats. The majority of buy to let lenders will now not allow remortgages until a property has been owned for at least 6 months, to ensure the true value of the property is accurately established.

However, more recently lenders have started to offer buy to let mortgages to new build flats with similar rates as older properties. Therefore, the process of obtaining a buy to let mortgage on new build flats may not seem as much hassle as it used to be.

Changes to the buy to let mortgage market

From 2017, new rules in the way the buy to let mortgage market is regulated came into effect. 

As a result, lenders have changed the way they consider applications for buy to let mortgages that may make it more difficult to secure a buy to let mortgage.

Traditional lenders will apply a stricter income stress test. Lenders will now require applicants to be able to afford mortgage payments in the event that interest rates increase to 5.5%. This could make it more difficult to secure a buy to let mortgage, as landlords will need more disposable income to satisfy the lenders’ stress test.

In previous years, landlords only needed a monthly yield (or rental coverage ratio) of 125%. From 2017, landlords are required to have a rental coverage ratio of at least 145% for a buy to let property or 170% for a house in multiple occupation property. In addition, it will not suffice for the landlord to simply state how much they intend to charge in their application; lenders will only accept a valuation from a professional surveyor.

It is important to note that any landlords with multiple properties cannot spread equity across their portfolio. Lenders will no longer provide buy to let mortgages to landlords who have one or more properties that are not profitable. Therefore, lenders will no longer look at properties in isolation and they will review the landlord’s entire property portfolio upon application. 

How much will I be able to loan?

The majority of mortgage providers have a maximum loan of up to 60% of the property’s value for new build flats, which is considerably more than that of an older property. However there are still some providers that are willing to offer up to 75% of the property’s value, dependant on how oversubscribed they are within the subject block.

How can I find the best buy to let mortgage deal for me?

Similar to any financial product, it's best to shop around to try and find the best deal for you. However, we also advise that you speak to a mortgage broker who can offer you advice and has access to buy to let mortgage deals that are not offered on the high street. At Fair Mortgages we have a team of specialist financial advisers experienced in finding buy to let mortgages on new build flats.

If you would like assistance or advice from an independent mortgage adviser, you can contact us directly on 0117 403 4222 or alternatively, fill in our online contact form to request a call back from our buy to let advisory team, who can provide you with a free initial consultation about buy to let mortgages for new build flats.

 buy to let mortgage for a new build flats

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