Is There Such a Thing as ‘The Best Buy to Let Mortgage’?

Two of the most common questions asked of mortgage brokers today are ‘ where can I find the best buy to let mortgage ’ and ‘who is currently offering the best buy to let mortgage ’. Neither of these questions can be answered easily though, simply because what is best for one person may not be best for another.

In order to find the best buy to let mortgage for your needs you’ll do well to consider exactly what a good mortgage deal means to you. So for example, is a low interest rate more important than low arrangement fees? Do you want a discounted interest rate for the first few years or an on-going standard rate that comes in just below the average? Do you want the possibility of being able to put down a smaller deposit but with a slightly higher rate of interest?

Decisions, Decisions

From the examples above you can see that there are numerous decisions to be made before even looking for the best buy to let mortgage. It might be worth using a buy to let mortgage calculator to work out how much you can borrow with the maximum deposit you can cobble together. Putting a few thousand more into a deposit can often earn you a lower rate of interest – but don’t forget about the cost of arrangement fees, solicitor’s fees and the first few mortgage payments you’ll probably have to make on the property.

Make a List

After thinking about the options carefully make a list of what your best buy to let mortgage deal would ideally consist of e.g. low deposit, average interest rate, low arrangement fees that can be added onto the amount borrowed etc. Obviously you’ll be very lucky to find a mortgage deal that satisfies every one of your needs but it may be possible to meet most of them if you know exactly what they are.

All you need to do then is research the market and try to find what you personally class as the best buy to let mortgage deal. A mortgage broker can often help in this respect and if you don’t mind paying their fees they can probably find a few deals that aren’t on the open market i.e. they are only accessible to professionals such as mortgage brokers and financial advisors.   

So in answer to the original question, yes there is such a thing as ‘the best buy to let mortgage’ but it will be the best buy to let mortgage for your particular needs. You may find the perfect mortgage with a bit of searching or you may not, either way you’re bound to find the best choice for you if you put in the time and effort.