There are currently 41 buy-to-let (BTL) mortgages at the record low rate of 1.5% or below, according to data from online buy-to-let mortgage broker, Property Master.

One lender is offering a buy-to-let mortgage at 1% although that is for existing customers only.

The Property Master research also shows 10 out of the 41 1.5% or below buy-to-let mortgage offers come without any arrangement fee.

Those with arrangement fees charge between £995 and £1,999. All of these offers were for fixed rates with the vast majority fixed over 2-years.

Angus Stewart, chief executive of Property Master, said: “With the housing market racing to the finishing line of the Stamp Duty holiday and with rents on the rise in most regions many landlords are looking to increase their property portfolio.

“Unsurprisingly lenders in the buy-to-let mortgage market are keen for a slice of this business and competition is hotting up in terms of pricing and the variety of products on offer.

“Some lenders are not willing to lend to first time landlords or those that are not a homeowner. If you are looking for a buy-to-let mortgage for an HMO (House of Multiple Occupancy) or for a holiday let, then you may find yourself looking for a more specialist lender but here too there are some competitive deals.

“Lenders are still keen to manage their risks and some of the better deals come with lower loan-to-values (LTVs) of 60% or 65%.

“Other lenders are limiting their offers to remortgages or product transfers. But this is not always the case and there are definitely some bargains to be had.”

Natwest Makes Rate Reductions for New and Existing Customers

NatWest has made rate reductions across its product ranges for both new and existing customers.

The changes are within the lender’s remortgage range, as well as reductions to its first-time buyer and green mortgage products.

For new business and within its remortgage range, the lender has made rate reductions of up to 14bps and 11bps on selected 2 and 5-year deals, respectively, and for purchase products, of up to 21bps and 12bps on 2 and 5-year deals, respectively.

For first-time buyers, NatWest has made cut rates by up to 20bps and 8bps on 2 and 5-year deals respectively.

Within the lender’s Mortgage Guarantee Scheme, it has cut rates by 17bps on 2-year deals and 11bps on 5-year deals.

Rates on NatWest’s Green Mortgage have been cut by up to 21bps and 12bps on 2 and 5-year deals respectively.

The lender has also reduced remortgage rates by up to 13bps and 8bps on 2 and 5-year deals, with various cashback changes, including an increase to £250 on a 70% loan-to-value (LTV) 5-year deal.

It has also made reductions of up to 21bps and 8bps on 2 and 5-year purchase deals, with cashback decreasing from £250 to £0.

It has increased cashback to £250 on its 60% LTV 2-year deal.

For tracker remortgages, it has made reductions of 5bps on selected 2-year deals, with cashback increasing to £250.

For withdrawals, the lender has pulled a 60% LTV remortgage tracker deal, four high value remortgage offerings and a tracker purchase product.

Meanwhile, for existing customers, the lender has reduced rates by up to 10bps and 9bps on selected 2 and 5-year switcher deals respectively, and by 7bps and 9bps on selected 2 and 5-year high value switcher deals.