Yorkshire Bank Buy To Let Mortgages
Compare The Latest Yorkshire Bank Buy To Let Mortgages
Yorkshire Bank offers its customers a selection of buy to let mortgages at up to 80% loan to value (LTV). Get some of the best Yorkshire Bank buy to let deals available today – see the table below to compare the latest Yorkshire Bank mortgage offers and rates.
Compare the Best Yorkshire Bank Buy to Let Mortgage Deals
If you take out a Yorkshire Bank buy to let mortgage deal, you can choose from a variety of deals including:
- Fixed rate buy to let mortgages deals – fixed rate buy to let mortgages can be useful for budgeting, as the interest rate that you pay each month is fixed for a set period after you take out the mortgage deal. Fixed rate mortgages can be an option for people who want the reassurance of knowing exactly what their mortgage payments will be throughout the fixed rate period. For its buy to let clients, Yorkshire Bank offers two year and five year fixed rate deals from 60% to 80% LTV.
- Offset variable rate buy to let mortgage deals – By linking your Yorkshire Bank savings and current accounts to a Yorkshire Bank buy to let mortgage, you can use the money in these accounts to help reduce your monthly mortgage repayments or shorted the term of your mortgage. This type of mortgage allows you to save money on your buy to let mortgage repayments each month, but you will need to be aware that you will not earn interest on savings that are linked to your mortgage. However, you will still be able to access your savings before the mortgage term is up if required.
Yorkshire Bank Buy To Let Mortgage Deal Criteria
In order to apply for a Yorkshire Bank buy to let mortgage you will need to fulfil certain criteria, some of which could include:
- You must be at least 18 years old to apply for a Yorkshire Bank buy to let mortgage
- You must be no older than 75 years at the date the mortgage term is due to end
- You may be able to borrow up to £1m, on up to three buy to let properties
- You must have an income of £30,000, which cannot include any income you get from existing buy to let properties.
- Individual and joint applications buy to let mortgage are considered
Features of Yorkshire Bank Buy to Let Mortgages
Some of the features that are included with a Yorkshire Bank mortgage offer could include:
- First time landlords will be considered
- Established landlords with property portfolios of up to 8 properties will be considered
- No arrangement fees apply to some Yorkshire Bank mortgage deals
- Legal fee offers available with selected Yorkshire Bank mortgage deals
- Get a free standard valuation when you apply for certain Yorkshire Bank mortgage deals
Reviewing Buy to Let Mortgage Regulations
If you wish to apply to Yorkshire Bank for a buy to let mortgage, you should be aware of the changes to the buy to let mortgage regulations. The changes to the regulations have affected the way lenders review landlords’ applications for buy to let mortgages.
One of the main effects of the regulation changes is the higher rental coverage ratio required. Lenders will insist that landlords have a rental coverage ratio of at least 145% for buy to let properties. If a landlord needs a buy to let mortgage for a house in multiple occupation, then lenders will require a rental coverage ratio of 170%. In previous years, lenders only requested a rental yield of 125%. The hike in the percentage of rental coverage ratio that is required is to account for any period of time when a landlord’s property is without tenants.
Furthermore, lenders will implement a stricter income stress test to review landlords’ income and their ability to afford mortgage payments. In order to ensure landlords do not fall into arrears in their mortgage payments, lenders request that landlords demonstrate they can afford mortgage repayments in the event that the interest rate increases to 5.5%.
In addition, the changes to the regulations have forced lenders to be more cautious when reviewing applications from landlords with multiple properties. As a result, lenders will review a landlord’s entire portfolio to ensure that every property is profitable and lenders will no longer review properties in isolation. This means that landlords can no longer spread equity across their portfolio to cover up a property that is not providing a positive return. If a landlord has one or more properties are not profitable, then lenders will not provide a buy to let mortgage.
To compare the latest Yorkshire Bank buy to let mortgage deals with other leading rates and find the best buy to let mortgage for you, use our free online mortgage tables above, or speak to our mortgage team.
We offer a free, whole of market independent mortgage comparison service to help you find the best deal for you. Speak to our specialist team to help you find the right buy to let mortgage option for you.
Speak to our buy to let mortgage team on 0117 313 7780 or request a callback.