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  • Writer's pictureRob Lawson

Bargain Buy to Let Mortgage Rates for North East Investors

The slowdown in the buy to let mortgage market caused by recent changes to lending rules is actually a huge opportunity for residential property investors in Newcastle and the North East.

With the number of new buy to let mortgages falling in 2018, lenders are now falling over themselves to secure new loans from landlord around the UK, which means big savings here in the Northumbria region, where prices for buy to let properties are already great value.

The latest lender to drop its rates for buy to let mortgages is Accord, the specialist mortgage wing of Yorkshire Building Society, which is offering a 5-year fixed rate at 60% loan to value for only 2.22%. This is the sort of rate that only a private homebuyer could have expected a year ago, and comes despite the recent hike in interest rates.

Another major player to cut buy to let mortgage rates on residential property investments is HSBC, which announced enhanced rates for 31 different mortgage products on January 20th, including deals aimed at residential landlords and investors.

With the buy to let market in Newcastle, Gateshead, South Tyneside and the rest of the North East region remaining buoyant thanks to strong demand from tenants and a plentiful supply of properties ripe for refurbishment and letting, these buy to let mortgage rate cuts represent a great deal for investors.

The trick is to find the right property with potential for refurbishment and improvement to add value. Then, once you have the property lined up, you can find a mortgage product. With so many products out there, we always recommend using a specialist mortgage adviser especially where buy to let is concerned. Unlike buying your own home, there are more options for residential property investors, including non-regulated products.

Clarice Carr & Company work in partnership with Reliance Financial in South Shields to help our clients find the mortgage product that works for them, or you can take your pick from specialist buy to let mortgage advisers around then UK. In our experience, a mortgage broker will never save you less than they cost,

We will cover the different type of residential property investment mortgages in more detail in a future blog.

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