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Best buy to let mortgage advice from the experts at Finance4

What is the best buy to let mortgage? According to Trigold sourcing software; as of 21/08/2007 there are 2522 buy to let mortgages available to purchase an investment property. Most of these products are available to the majority of mortgage brokers.

How do we go about recommending the best buy to let mortgage for you?

Well first of all we need to know all about you, the property, the tenants, the amount you wish to borrow and the rental coverage. Often this will reduce the number of products available to you, for instance if you wish to let your property to students, you may require an HMO mortgage, or you may wish to borrow with a limited company mortgage of which there are few available. However if you have a good deposit and are looking to finance a standard property, recommending the best buy to let mortgage is a little more tricky.

Is there a mathematical formula that will reveal the best buy to let mortgage?

Current legislation requires lenders to quote an APR, we say this is a totally meaningless figure for most borrowers. The APR figure is calculated over the term of the mortgage, taking account of the standard variable rate (SVR), any initial discounted period, and any fees payable. Most borrowers will switch lenders, or negotiate a deal with their existing lender at the end of any discount period, and so will never pay the SVR.

To recommend a best buy to let mortgage we assume that you will never pay a lenders SVR. We look at the total amount of interest and fees payable over the initial fixed or discounted period, and then divide that figure by the number of months in that period. This gives what we call the best buy to let mortgage number, this enables you to compare a 5 year fixed rate with a 17 month tracker rate.

What we can't factor into the best buy to let mortgage number is the security of the fixed rate, or the cost and hassle of remortgaging after a such short time period.

If you would like our best buy to let mortgage recommendation, please let us know all about you, the property, the tenants, the amount you wish to borrow and the rental coverage. We'd really like you to call us on 0800 019 9605, next best would be a very comprehensive email (see contact page)