Buy To Let Date:
Coventry Building Society has increased the rates of selected buy-to-let mortgages, but one of its variable rate for term deals has retained its place in the Moneyfacts charts and earned an 'excellent' review in the process.
This deal now has a variable rate of 2.95% for the term of the mortgage, allowing it to keep its place among the top 10 of its sector. It is available at a loan-to-value (LTV) of 65% and has a competitive fee of £749.
This mortgage is only available to second-time buyers and remortgagors with a 35% deposit. All borrowers can profit from an incentive package of free valuation (max £700), while those looking to remortgage their rental property can also benefit from free legal fees.
Both overpayments and payment holidays are permitted provided borrowers abide by certain conditions.
Although this mortgage has witnessed a slight rate increase, it is still a tough competitor in its sector, retaining a place among the best buys. First-time landlords in particular are likely to find this mortgage appealing thanks to the competitive fee and the generous incentive package, which will help to keep initial costs down.
Moneyfacts rating: Excellent
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