July Sees Range Of Fee Free BTL Deals Enter Charts | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 16/07/2021

This month has seen a range of fee-free mortgage deals enter the buy-to-let (BTL) mortgage charts, giving landlords more options when looking to reduce unnecessary costs when investing in property.

BTL mortgage lenders The Mortgage Works, Leeds Building Society and Leek United Building Society all launched fee free deals in the last two weeks, with rates from as low as 1.76% on a discounted variable rate and 2.09% on fixed rate deals.

Here we’ve highlighted some of the best new fee-free deals that have entered the BTL mortgage charts.

The Mortgage Works fee-free mortgage deals

At the beginning of July, The Mortgage Works launched a range of two year fixed rate deals that do not have any arrangement fees. It’s two year fixed rate deal at a 65% loan-to-value (LTV) offers 2.09% (4.4% APRC) fixed until 30 September 2023, after which it reverts to 4.74%. This deal requires a rental income of a minimum of 125.00% of the mortgage interest. Landlords can have a maximum of 10 properties for this deal, although the minimum rental income requirement increases to 145.00% for those with a portfolio of more than three properties.

Landlords with a 75% LTV can get a fee-free deal offering 2.24% (4.9% APRC) fixed until 30 September 2023 and then reverts to 5.24%. It is only available to landlords remortgaging who have a maximum of 10 properties. It requires a rental income from a minimum of 125.00% of the monthly mortgage interest.

The Mortgage Works also has a two year fixed deal at a 65% LTV offering 2.29% (4.5% APRC) fixed until 30 September 2023, which reverts to 4.74%. This deal has an added incentive of offering £250 cashback. It is available to landlords with up to 10 properties and requires a rental income from a minimum of 125.00% of the mortgage interest.

Leeds Building Society fee-free mortgage deals

Leeds Building Society launched several fee-free deals on 2 July. Its two year fixed deal at a 60% LTV offers 2.26% (5.0% APRC) fixed until 30 September 2023 and then reverts to 4.59%. Along with no product fees this deal has the incentive of free valuations to a maximum of £999. It also offers £500 cashback, while landlords remortgaging will receive help towards legal costs.

On the same day, Leeds Building Society also launched a fee-free five year fixed deal that offers 2.31% (4.6% APRC) fixed until 30 September 2026. Also available at a 60% LTV, this deal again comes with the additional incentive of free valuations up to a maximum of £999 and£500 cashback, while those remortgaging will receive help towards legal costs.

Both deals are available to landlords with a maximum of three properties and require a rental income from a minimum of 125.00% of the mortgage interest.

Leek United Building Society fee-free mortgage deals

At the start of the month Leek United Building Society launched a fee-free discounted variable deal on a two year term. This deal offers 1.76% (4.8% APRC) for two years, after which it reverts to 5.19%. It is available at a 75% LTV and requires a minimum loan of £150,000. Borrowers must also have an earned income of a minimum of £20,000. Along with no product fees, this deal also has the incentive of a free valuation. It is available to landlords with a maximum of three properties and requires a rental income from a minimum of 140.00% of the mortgage interest.

How to find the best BTL mortgage deal

Landlords looking for the best BTL mortgage deal need to consider a range of factors when comparing deals, including incentives such as no product fees, along with rates. Speaking to a mortgage broker is a good way for landlords to get help and advice on choosing the best deal to maximise their investment. Readers of Moneyfacts.co.uk can speak to a mortgage broker for free when using our preferred mortgage brokers Mortgage Advice Bureau. More information about this offer can be found here.

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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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