Buy To Let Date:
Coventry Building Society has reduced the rates of selected five-year fixed rate buy-to-let mortgages, earning one of its deals an 'excellent' rating after it received a cut of 0.30%.
This mortgage now has a rate of 3.35% fixed for five years, the lowest rate currently available for its terms. It is available at a loan-to-value (LTV) of 65% and has a fee of £1,999.
This deal is available to second-time borrowers and landlords who are looking to remortgage their rental property. All borrowers can benefit from a generous incentive package of free valuation (£700), while remortgagors can also profit from free legal fees.
In terms of repayment options, borrowers do have the ability to make overpayments of up to 10% of the outstanding balance per annum, giving them the potential to reduce their overall balance.
Remember, in order to secure a mortgage, credit card or personal loan you need to have a good credit rating. To find out if yours has a clean bill of health, contact a credit check provider, such as Experian CreditExpert to investigate your credit report.
Landlords looking to fix their buy-to-let mortgage rate for the longer term are likely to take a closer look at this deal, which offers a highly competitive rate. The fact that it also boasts an enticing incentive package, particularly for remortgagors, makes it even more attractive as it will help to keep upfront costs down.
Moneyfacts rating: Excellent
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