5 Year Fixed Rate Buy To Let Mortgages
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Our Buy to Let Mortgage Service
Fair Mortgages can provide you with a first class service if you are looking for the best buy to let mortgage rates in the UK market.
To use our service you can:
- Contact the lender direct on the free phone numbers provided
- If you need independent advice call us on 0117 403 4222
Special features of what our advice service offers include:
- Whole of Market Broker - We deal with most UK buy to let lenders
- Rates - Access to leading 5 year rates and other buy to let market rates
- Exclusives - Access to exclusive buy to let mortgage deals not available on high street
- Our Buy To Let Expertise - Expert help whether you are a first time investor or experienced full time landlord
- Credit Issues? - We have lenders who will take into account previous defaults and missed payments
- Experienced Buy To Let Investor? - Have a complex buy to let or have a portfolio of 5+ properties? - speak to us
To investigate your 5 year fixed buy to let mortgage options call our specialist team on 0117 403 4222 or fill in our call back form.
Buy to let mortgage tax rule changes
From 2017, landlords can no longer deduct the financial cost of their buy to let properties when calculating their profit from the financial year. This has had an adverse effect on landlords’ tax bills all over the country.
However, the new rules do not apply to limited companies. This has led to an increasing number of landlords looking to set up their own limited company for their buy to let properties, as a way to avoid the 2017 tax rules. It must be noted that there are some associated costs that come with setting up a limited company which should be considered.
In order to counter the effect of the new tax rules, landlords need to reduce their outgoings. Finding the best mortgage rates may be one of the most efficient ways to reduce the cost of their buy to let properties.
Regulation changes in 2017
From 2017, additional changes to the buy to let regulations will be implemented. These changes may make it tougher for landlords looking to secure buy to let mortgages.
Prior to the 2017 changes, landlords only needed a rental coverage ratio of 125% to secure a buy to let mortgage. Lenders now require landlords to have a rental coverage ratio of 145% for a standard buy to let property and 170% for a house in multiple occupation.
Previously, landlords had the ability to spread equity across their property portfolios as a way of securing a buy to let mortgage. Lenders will not look at properties in isolation anymore; instead they will now review the landlord’s entire property portfolio to ensure all of their properties are profitable. If one or more of a landlord’s properties are not profitable then a lender will not provide a buy to let mortgage.
Before the changes to the regulations, lenders applied a stress test to consider the landlord’s affordability. Lenders now will implement a stricter stress test that requires landlords to illustrate that they can afford mortgage repayments if the interest increases to 5.5%.
Compare the best rates buy to let mortgage rates
If you require a buy to let mortgage, it is advisable to contact a specialist property finance broker.
To find out if Fair Mortgages could help you, you can fill in our online contact form or call us directly on: 0117 403 4222.