Cheltenham & Gloucester has launched a new range of buy-to-let mortgages that it says will reflect the best deals available in the intermediary market.
Traditionally, the most competitive mortgages for property investment have been available only through a broker. This is often down to the complexity of the product and the expertise of the broker. But, says Jaedon Green, head of direct mortgage acquisition at Lloyds Banking Group, the new offer will bring the best pricing to the high street.
“Buy-to-let pricing has historically been best through intermediaries but we’re now bringing that competitive pricing direct to consumers,” he said.
Two year fixed rates will start at 6.89 per cent, with five year deals at 7.39 per cent.
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Well if Lloyds think that’s a good rate, thank goodness our jobs are safe!
There are much more competitive rates on the market via intermediaries. The point of using an intermediary is so that they understand this specialised market and find the best mortgage for you and your circumstances. For example, another lender today launched a buy to let mortgage at 4.99% fixed for three years with no early redemption charges or lender arrangement fee. With a free valution thrown in and free legals for remortgages, that’s just one example of a much better deal. And that product is only available via intermediaries. Make sure you go to a broker/intermediary that has access to the whole market though.
Must be a broker? Not necessarily true, it depends on your own individual circumstances. In my experience it was easier to go direct when shopping around. I found more products available by using this method than by seeking advice from a single intermediary/mortgage broker. The lenders all seem to be throwing in the extra’s + there is no fee for taking the lenders advice.