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Best buy to let mortgage rates for April

[ Posted March 30th, 2012 ]

Homeowners are aware that they should shop around for the best mortgage rates taken time to actually calculate the full costs of a mortgage before signing any contracts.  This includes looking at the mortgage rate and comparing any savings that may be made back by the bank due to extras such as signing fees, booking fees, or evaluation fees.

In fact, sometimes it is more beneficiary to pay a bit higher mortgage rate and avoid all of the fees for the best deal.  However, even though almost all homeowners know this, they tend to forget the rules when it comes to purchasing a buy to let mortgage where the trend among landlords has been to head to the lowest rate on the market.

While it can be assumed that most buy to let landlords are also homeowners, it seems that in their hurry to get in on the low buy to let mortgage rates that are now flooding the market they have forgotten some of the mortgage 101 tips. Given the fact that buy to let lending makes up the majority of the property lending market t the moment, it may be wise to take a step back and look carefully at all of the options before choosing one.

This is especially true for borrowers that only need a small loan to add onto their portfolio, because in this case a higher mortgage rate will be more beneficial since they can pay it off quickly whereas there is no way out of a high arrangement fee.  The fees are generally set in stone, so in this case it would be wiser to pay off a higher mortgage rate quickly versus paying a large fee upfront that is not refundable.  By shopping around sometimes you can pay a higher mortgage rate but in return get fee free buy to let mortgage deals as well.

A great example of this is the new Coventry Building Society buy to let mortgage deals which are based on the size of a loan.  The building society is offering a loan that is set at the low 3.75% but in return comes with fees that total up to £2,499 whereas the higher 4.25% offers fees of only £1,249.  For a small short term loan the latter is obviously the better choice.

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