Landlords - source your next buy to let mortgage via Deal Direct. 

If you are one of the increasing number of landlords who feel imprisoned by noncompetitive buy to let mortgage rates, come to Deal Direct to source a better offer.

New affordability tests were implemented by lenders from January 1st this year. This stringent lending criteria is designed to make sure landlords can afford to borrow and keep on making the repayments should a hike in interest rates occur.

A minimum interest rate of 5.5% is used as a stress test and an annual rent increase of 2% is also factored in. The tests are designed to reduce lender risk, but if it is more difficult to secure a buy to let mortgage in the first place, higher numbers of landlords are finding themselves marooned with a combination of an noncompetitive rate and a high interest coverage ratio of up to 145%.

The good news is that not all lenders are the same. Deal Direct can help you to source and secure buy to let mortgages from lenders who ask for much lower interest coverage ratios of 125%.

We are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of property as an investment, you will need to contact an independent financial adviser.

Please note: 

Buy to let mortgage applications from:

• applicants whose intention is to benefit from house price growth
• applicants whose intention is to benefit from rental income
• applicants who are letting to buy

will be treated as normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.

To compare the latest deals, speak to a Deal Direct adviser today.