This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

Mortgage Hotline - Call Us 0117 313 7780

Details sort by initial rateLenderInitial rate Rate type Overall cost for comparisonMax LTVProduct feeMonthly cost Enquire
Initial rate: 1.44%
Rate type: Fixed May-2020
Monthly cost: £489.36 per month
Max LTV: 60%
Product fee: £2213.00
Overall cost for comparison: 4.7% APRC
Virgin Money logo 1.44% Fixed May-2020 4.7% APRC 60% £2213.00 £489.36 per month get quotes Call direct0330 057 1595
Initial rate: 1.49%
Rate type: Fixed Apr-2020
Monthly cost: £489.37 per month
Max LTV: 60%
Product fee: £1705.00
Overall cost for comparison: 4.4% APRC
Post Office logo 1.49% Fixed Apr-2020 4.4% APRC 60% £1705.00 £489.37 per month get quotes Call direct0808 178 6813
Initial rate: 1.49%
Rate type: Fixed Apr-2020
Monthly cost: £489.37 per month
Max LTV: 60%
Product fee: £1705.00
Overall cost for comparison: 4.4% APRC
Post Office logo 1.49% Fixed Apr-2020 4.4% APRC 60% £1705.00 £489.37 per month get quotes Call direct0808 178 6813
Initial rate: 1.59%
Rate type: Fixed May-2020
Monthly cost: £491.54 per month
Max LTV: 60%
Product fee: £1213.00
Overall cost for comparison: 4.7% APRC
Virgin Money logo 1.59% Fixed May-2020 4.7% APRC 60% £1213.00 £491.54 per month get quotes Call direct0330 057 1595
Initial rate: 1.62%
Rate type: Fixed Apr-2020
Monthly cost: £493.01 per month
Max LTV: 60%
Product fee: £1205.00
Overall cost for comparison: 4.4% APRC
Post Office logo 1.62% Fixed Apr-2020 4.4% APRC 60% £1205.00 £493.01 per month get quotes Call direct0808 178 6813
Initial rate: 1.62%
Rate type: Fixed Apr-2020
Monthly cost: £493.01 per month
Max LTV: 60%
Product fee: £1205.00
Overall cost for comparison: 4.4% APRC
Post Office logo 1.62% Fixed Apr-2020 4.4% APRC 60% £1205.00 £493.01 per month get quotes Call direct0808 178 6813
Initial rate: 1.65%
Rate type: Fixed Apr-2020
Monthly cost: £494.35 per month
Max LTV: 60%
Product fee: £1273.00
Overall cost for comparison: 4.2% APRC
NatWest logo 1.65% Fixed Apr-2020 4.2% APRC 60% £1273.00 £494.35 per month get quotes Call direct0800 056 8572
Initial rate: 1.69%
Rate type: Fixed May-2021
Monthly cost: £501.14 per month
Max LTV: 60%
Product fee: £2213.00
Overall cost for comparison: 4.5% APRC
Virgin Money logo 1.69% Fixed May-2021 4.5% APRC 60% £2213.00 £501.14 per month get quotes Call direct0330 057 1595
Initial rate: 1.74%
Rate type: Fixed Apr-2020
Monthly cost: £501.12 per month
Max LTV: 65%
Product fee: £1705.00
Overall cost for comparison: 4.5% APRC
Post Office logo 1.74% Fixed Apr-2020 4.5% APRC 65% £1705.00 £501.12 per month get quotes Call direct0808 178 6813
Initial rate: 1.74%
Rate type: Fixed Apr-2020
Monthly cost: £501.12 per month
Max LTV: 65%
Product fee: £1705.00
Overall cost for comparison: 4.6% APRC
Post Office logo 1.74% Fixed Apr-2020 4.6% APRC 65% £1705.00 £501.12 per month get quotes Call direct0808 178 6813
12345678

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 Mortgage For First Time Landlords

Why use Fair Mortgages

Fair Mortgages can provide a first class service, if you are looking for a buy to let mortgage broker service.

Special features of what our broker service offers include:

  • Rental Income Requirements - What lenders now require on rental income - we can help you secure your first buy to let mortgage and get you through the lender criteria maze
  • Whole of Market Buy to Let Broker - We deal with most UK buy to let lenders that are prepared to provide mortgages to fist time landlords including private banks, specialist lenders and wealth managers
  • Buy to Let Rates – Access to leading buy to let market rates
  • Exclusives - Access to exclusive buy to let mortgage deals not available on the high street
  • Our BTL Expertise –  Expert help for first time landlords
  • Credit Issues? - We have lenders who will take into account previous defaults and missed payments if applicable

To investigate your buy to let mortgage options call our specialist team on 0117 313 7780 or fill in our call back form.

If you want a buy to let mortgage and become a landlord, but you do not know where to start, it is advisable to contact a specialist broker to get the best financial solution for your set of circumstances.

It is important to note that there have been a lot of changes that affect buy to let landlords and if you are looking to become a first time landlord, you should familiarise yourself with the recent changes.

Right Bullets

2017 Tax Rules

In order for your buy to let to be successful, you need to be aware of the changes to the tax relief rules governing buy to let landlords.

From 2017, landlords can no longer deduct their entire financial expenses that arise from their buy to let properties when calculating their profits on their end of year self-assessment.   This means that landlords’ tax bills will likely increase significantly.

However, the tax rules do not affect limited companies and it remains that only their profits are subject to tax. This has led to an increase in landlords looking to set up their own limited company, in an attempt to circumvent the effect of the tax rules.

Any landlord who intends to set up their own limited company for their buy to let properties should consider the associated costs before doing so.

Prudential Regulation Authority’s Regulations

First time landlords may find it more difficult to secure a buy to let mortgage through a traditional lender, due to the changes introduced in 2017.

The Bank of England’s Prudential Regulatory Authority (PRA) implemented changes to the regulations that govern the buy to let mortgage market, which altered the way traditional lenders consider buy to let applications.

Buy to Let Mortgage Under New Regulations

Under the new regulations, traditional lenders will consider the following when assessing a first time landlord:

Deposit - Unlike residential mortgages, which can be secured with a deposit as low as 5%, buy to let mortgages usually require a deposit of 25% of the value of the property. It is possible to get a buy to let mortgage with a lower deposit, but this is usually through a private lender.

Rental Coverage Ratio - Due to the RPA changes, traditional lenders will typically require landlords to have a rental coverage ratio of at least 145% for standard buy to let properties and up to 170% for houses in multiple occupation (HMO). Traditional lenders will only accept rental coverage ratios based on a professional valuation from a surveyor.

Income Stress Test - In order to comply with the PRA regulations, traditional lenders will implement a strict income stress test. For first time landlords to satisfy the traditional lenders’ income stress test, they have to be able to show that they can afford mortgage repayments in the event that the interest rate increases to 5.5%.

Next Steps

If you are a first time landlord and you need a buy to let mortgage, you may benefit from the assistance of a professional broker.

Fair Mortgages can guide you through the complex process of the buy to let mortgage market and can help you avoid the stringent criteria of traditional lenders to find you the best financial solution for your set of circumstances. Fair Mortgages can find the ideal buy to let mortgage for you through professional links with traditional lenders, private banks, specialist lenders and wealth managers.

Fair Mortgages may be able to help you. Fill in the online contact form on this website to request a call back from one of our advisers and receive a free initial consultation. Alternatively, you can call us directly on 0117 313 7780.

house icon

Call 0117 3137780 or Request Callback for Our Buy To Let Mortgage Team

For a FREE initial conversation about your mortgage options complete our short enquiry form.

request call back

Please confirm your details

Extra information

The optional information below will help us to contact you

Buy To Let Providers