The introduction of the Funding for Lending by the Bank of England has now having effect on reducing the cost of borrowing to homeowners and landlords. The lenders are only offering these new rates on purchase or remortgage, while keeping their standard variable rates high.

If you current buy to let mortgage is on the following lenders standard variable rate it would be a good idea to review your options.

Monmouthshire Building Society             4.99% (5.00% APR)

Kent Reliance                                      6.58% (6.70% APR)

The Mortgage Works                            4.99% (5.20% APR)

Nottingham Building Society                  6.54% (6.30 APR)

Leeds Building Society                          5.99% (6.00% APR)

The Coventry Building Society offers a very competitive buy to let variable rate for the mortgage term. This product is available on a remortgage or purchase.

3.99% standard variable (4.20% APR)

Maximum loan to value is 65%

Fixed price arrangement fee of £250 on application and £749 added on completion

Free valuation and free legal’s on remortgage.

Penalty free

As this lender pays commission there is no charge for my advice.

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

THIS NEW SECURED LOAN FACILITY HAS BECOME AVAILBLE TODAY.

Shawbrook Bank, a niche lender has broken new ground with this product.

This will give credit worthy homeowners the ability to raise additional funds up to 95% of the current value of their property.

I can see two areas where this 95% second charge lending will be useful.

1)     Existing borrowers with their present mortgage arranged on an interest only basis who do not want approach their existing lender in case this option is withdrawn.

2)     Existing borrowers on very competitive tracker rates who no longer meet lender current lending criteria.

Note. All cases are subject to a full lenders underwriting and assessment

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

Mortgage Trust is a subsidiary of Paragon Mortgages. They are being promoted as providing straightforward buy to let products aimed at smaller scale landlords.

Criteria

Maximum of 5 properties with a £1 million limit.

Rental coverage of 125% at 5% or charging rate if higher.

Minimum income of £25,000. (This cannot include property rental income)

Minimum value of property £75,000

Minimum value of mortgage £30,000

Initial variable rates are linked to LIBOR

Standard Variable Rate currently 5.10%

They have a competitive two year tracker at 2.99% (APR 5.30%) with a 2.25% arrangement fee.

There is not a lot to differentiate Mortgage Trust for the majority of other Buy to Let lenders with their criteria.

Still a popular lender with experienced landlords is The Mortgage Works as they still do not require disclosure of personal income and will lend up to age 90. The rates are not always the most competitive.

Why use Neil Soundy Financial Services for your mortgage advice in Cardiff.

We are different.

We offer at least twice the choice of mortgages compared to a standard broker.

View the video on our homepage that explains how mortgage advice has changed.

Your initial consultation is free with no obligation.

Useful website

Money Advice Service

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

This table shows Santanders current Buy to Let mortgage range and rates

Percentage booking fees must be added to the loan

As a cautionary note Santander do not caculate affordability on just the depoit and rental coverage but also take into account rental voids and repairs.

Mortgage Trust has now launched a new range of Buy to Let Mortgage at competitive rates, but linked to the now infamous LIBOR. (London Interbank Offer Rate)

Remember when researching for the best deal it’s not just the initial rate that counts but the fees charged by the lender and their follow on rate. An example of this is the Leeds Building Society who offer attractive initial rates but the follow on rate is 5.69%.

2 year Fixed rate

5 year Fixed rate

2 year variable rate Tracker

Product code key: C = available for all landlords, H = available for purchase only

Useful website

Money Advice Service

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.

There is a limited choice of lenders who accept first time landlords.

Currently NatWest, Hinckley & Rugby, Kent Reliance, The Mortgage Works, Virgin Money, Leeds Building Society and Monmouthshire Building Society are open to first time landlords.

There can be different lending criteria between experienced and first time landlords with the same lender. An example of this is the Mortgage Works.

First Time Landlord                                                         Experienced Landlord

Evidence of deposit (all applications)                    Evidence of deposit (maybe required)

Evidence of personal income                                     No evidence of personal required or stated

Max borrowing 4.25 x applicant’s income             Requirement does not apply

Term to age 75                                                                  Term to age 90

As lending criteria and rates are changing on almost a daily basis I recommend you contact me for a free with no obligation discussion or meeting to review your options.

Why use Neil Soundy Financial Services for your mortgage advice.

We will give you impartial advice.

See our client reviews regarding our advice and service

First discussion or meeting is free with no commitment

How much will it cost me for your advice?

A fee of £495. Payable at the completion of the mortgage and Neil Soundy Financial Services Ltd will keep the commission received from the lender or agents for arranging the mortgage.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial

Useful website

Money Advice Service

Neil Soundy Financial Services Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Services Authority.

The Financial Conduct Authority does not regulate some forms of buy-to-lets.

We do not give or imply legal or taxation advice. We recommend you contact a solicitor or accountant for advice in these areas.

Think carefully before securing other debts against your home/property. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Request Call Back

We can discuss your current situation and the options available to you before arranging a free no-obligation meeting.