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Wanting to fix your mortgage as a landlord?

Enable’s experienced IFA’s have many clients who have a buy to let property as part of their portfolio.  Despite the uncertainty that has been part of the post Brexit vote picture some mortgage offers might well be worth a look.  Barclays has recently unveiled its 10-year fix buy-to-let mortgage at 2.99% meaning private landlords are being offered an opportunity to secure low interest rates for a decade. The mortgage comes with a £2,000 fee but is not subject to strict rental income requirements because of the long time period of the loan.

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On mortgage products with a term up to five years, the lender tends to require landlords to demonstrate that their rental income will cover their mortgage payment by a ratio of 145% if their mortgage rate went up to 5.5%. But there is a more flexible ‘affordability calculator’ on products that are five years or longer.  Jonathan Harris, director of mortgage broker Anderson Harris has said of the new buy-to-let product launched by Barclays’: “A 10-year fix for buy-to-let is unheard of and the result of changing circumstances for the sector. “What is exciting about this product is that the affordability calculator takes into account the applicant’s overall income and expenditure position – so massively benefits those applicants with strong incomes and limited commitments. “The upshot is that they can borrow more than previously – a welcome innovation to recent restrictive practices in the buy-to-let market.”

As with many mortgages there are often conditions and this product comes with a high exit charge of 5% if you need to sell or remortgage before the 10 years have passed.  If you are wanting to look into a mortgage for buying or renting we are happy to help.

Your home or rental property could be at risk if you do not keep up repayments.


Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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