Buy To Let Updated:
Growing demand for rented property has provided the buy-to-let mortgage sector with a much-needed boost over the past couple of years.
Indeed, a new survey by The Buy to Let Business reveals a whopping 95% of brokers believe now is the perfect time to invest in a buy-to-let property.
So if you're thinking of taking your first step into buy-to-let investing, have a look at Moneyfacts.co.uk's top 5 buy-to-let mortgages for first time landlords.
Remember - a first time landlord is different from a first time buyer. Most lenders in the top 5 require applicants to have owned a property before becoming a first time landlord; however, Virgin Money does offer a competitive five-year fixed rate buy-to-let mortgage to both first time buyers and first time landlords.
Penny says… "Nottingham BS heads up the table with this two-year fixed rate product at 3.49%.
"This top product for first time landlords only requires a 25% deposit."
Skipton Building Society
Penny says… "At a slightly higher rate, Skipton BS's product should appeal to those buy-to-let investors who want to pay lower fees.
"This product is available to those who have at least a 30% deposit."
Nottingham Building Society
Penny says… "In third spot is another mortgage from Nottingham BS, this time offering a rate fixed for three years.
"Incentives include free valuation and legal fees."
Penny says… "Sitting just outside the market's top three is another mortgage from Skipton BS.
"Investors can fix their mortgage payments for three years with this competitive product."
Penny says… "Virgin Money is the only lender in the top 5 with a product available to first time landlords who are also first time buyers.
"Investors can have peace of mind by fixing their mortgage for five years with this product."
Information & Rates correct as at: 14/08/2013
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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