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Buy-to-let mortgage boom: number of deals hits 12-year high

Landlords can now pick from more than 2,000 buy-to-let mortgages – but who's offering the best rates?

Landlords now have the biggest choice of buy-to-let mortgage deals since the financial crash, but have rates fallen?

Financial information website Moneyfacts has revealed landlords can pick from a range of 2,162 buy-to-let mortgages. This is the widest choice available since October 2007, when there were 3,305 products on the market.

The trend could represent a glimmer of hope for landlords, who’ve been hit by various tax and rule changes that have affected their bottom line and caused some to withdraw from the sector completely.

Here, we take a look at what’s happening to rates and reveal the best buy-to-let mortgage deals available right now.

What’s happening to buy-to-let mortgage rates?

Unfortunately, in spite of an increase in product numbers and increasingly competitive rates in the residential mortgage market, buy-to-let deals don’t appear to be getting cheaper.

According to Moneyfacts, the average two-year fixed-rate buy-to-let mortgage rate has increased by 0.20% to 3.12% since September 2018. The average five-year fixed rate has jumped by 0.15% in the same period.

Moneyfacts suggests the rise is the result of providers attributing a little more risk to their buy-to-let products due to the uncertainty over future economic conditions.


The best buy-to-let mortgages deals

Here are the best two-year fixed-rate mortgage deals available across 60%, 65%, 70% and 75% loan-to-value ratios, based on initial rate.

All the mortgages included are available on both an interest-only and capital repayment basis.

Lender Term LTV Initial rate Revert rate (SVR) Fees APRC Notes
Barclays Fixed to 30/04/2021 60% 1.63% 5.24% 1% of advance 4.8% Minimum loan £100,000; maximum loan £250,000. Free valuation fees for remortgages.£500 cashback or free legal fees for remortgages.
Leek United Fixed to 30/04/2021 65% 1.79% 5.69% £995 5.3% Free valuation fees. Wales and England only.
NatWest Intermediary Solutions Fixed to 30/06/2021 70% 1.97% 4.74% £995 4.5% Not available for remortgaging.
Barclays Fixed to 30/04/2021 75% 1.74% 5.24% £1,795 4.8% Free valuation fees for remortgages. £500 cashback or free legal fees for remortgages.

Source: Moneyfacts. 27 February. Excludes deals exclusively available to existing customers.

Here are the best five-year fixed-rate mortgages for landlords across a range of borrowing levels.

Lender Term LTV Initial rate Revert rate (SVR) Fees APRC Notes
Birmingham Midshires Solutions Fixed to 30/06/2024 60% 2.05% 5.09% £1,995 4% Not available for remortgaging.
Leek United Fixed to 30/04/2024 65% 2.37% 5.69% £995 4.8% Free valuation fees. Wales and England only.
NatWest Intermediary Solution Fixed to 31/03/2024 70% 2.65% 4.74% £995 4.1% Not available for remortgaging.
Birmingham Midshires Solutions Fixed to 30/06/2024 75% 2.36% 5.09% £1,995 4.2% Not available for remortgaging.

Source: Moneyfacts. 27 February. Excludes deals exclusively for existing customers.

Get personal advice on buy-to-let mortgages

If you’re looking for a buy-to-let mortgage you could benefit from talking about your options and get help finding the best deal for your circumstances with Which? Mortgage Advisers.

Call them on 0800 197 8461 or fill in the form below for a free callback.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

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