Yorkshire Bank is a trading division of Clydesdale Bank operating mainly in the North of England with a particular focus on Yorkshire. They provider a range of buy to let mortgages for landlords.
For those looking to access buy to let finance, there are a number of key types of mortgage product you may be able to take out with Yorkshire Bank.
Interest only buy to let mortgages often suit customers who need to limit their monthly repayments and don’t mind having the whole capital left to repay when the mortgage term ends. This can be a good fit for those who intend to sell or remortgage to pay off the capital.
Capital and interest mortgages are better for landlords who want to pay down the capital over the life of the mortgage, leaving them with a smaller debt or a property they own outright.
Fixed rate buy to let mortgages make it easier to plan your finances in the short to medium term by giving you set interest rates for an introductory period (often 2-5 years). After this you will generally pay a standard variable rate.
Tracker mortgages can be good for those who want to make sure their mortgage stays manageable as the interest rate you pay is set at a standard interval above the Bank of England Base Rate.
To take out a buy to let mortgage with Yorkshire Bank you must:
There are other conditions which are likely to apply and it is worth discussing your personal circumstances with an independent mortgage broker so they can advise you on whether borrowing with Yorkshire Bank is likely to be a good fit.
When mortgage providers quote interest rates for different mortgage products on their websites, it is important to realise that these are only representative rates. You will not necessarily be offered that rate if you are approved for a mortgage, as the exact rate you pay will depend on various factors, including your credit history and other variables unique to you.
In general, the interest rate will also depend on how much you need to borrow, how long for and your loan to value ratio or LTV. LTV is a way of showing how much your mortgage would be as a percentage of the market value of the property in question.
Most lenders will tend to give you better interest rates on mortgages with a lower LTV, so this is worth bearing in mind when considering how much you need to borrow.
Looking to get the best possible return on investment from your rental property? Then it is crucial to get the lowest interest rate you can on your buy to let mortgage. Our free mortgage calculator makes it quick and simple to compare market leading deals from all the top providers so you can find the best value on the finance you need.
