Mortgage Next offer low rate buy to let deal

A lower rate buy to let mortgage deal has been launched by Mortgage Next, enabling qualifying applicants that want to get on to the buy to let bandwagon to get a mortgage with an interest rate of 6.29%.

The rate is set for a two year period, and reflects a 0.96% discount.

The interest rates on buy to let mortgages is generally higher than on standard mortgages, so many buy to let consumers may find this to be a competitive deal.

The mortgage is actually funded through Mortgage Express. There is a cost to set up the mortgages, which comes to £1,999. There is also a minimum borrowing limit of £40,000, and a deposit of 15% is required from the borrower.

One official stated: “A recent report issued by the Association of Residential Letting Agents confirms that 94% of property investors are confident that tenant demand will remain high and 40% expect to make further investments this year. This product will appeal not only to investors who are contemplating taking advantage of lower house prices to increase the size of their property portfolios, but also landlords who are considering remortgaging their existing buy-to-let deals.”