1. Improve your credit score: Lenders typically offer better rates to borrowers with higher credit scores. Paying off outstanding debt, making all payments on time, and keeping credit card balances low can help improve your credit score and qualify for a better rate.

  2. Shop around: Compare rates from multiple lenders to ensure you are getting the best deal. It can be helpful to work with a mortgage broker who has access to a wide range of lenders and can help you find the most competitive rates.

  3. Make a larger down payment: Putting down a larger down payment can help lower your interest rate and potentially avoid private mortgage insurance (PMI) costs. Lenders often offer better rates to borrowers who can put down a significant amount of money upfront.

  4. Choose a shorter loan term: Opting for a shorter loan term, such as a 15 or 20-year mortgage, can result in a lower interest rate compared to a 30-year mortgage. Although your monthly payments will be higher, you could save thousands of dollars in interest over the life of the loan.

  5. Consider adjustable-rate mortgages (ARMs): ARMs typically offer lower initial interest rates compared to fixed-rate mortgages. If you plan to sell the property or refinance before the rate adjusts, an ARM could be a cost-effective option for you.

  6. Increase your rental income: Lenders may consider the potential rental income of the property when determining your mortgage rate. Providing a solid rental income history or demonstrating the property’s rental potential could improve your chances of securing a lower rate.

  7. Maintain a strong financial profile: Lenders prefer borrowers with stable income, low debt-to-income ratios, and a history of prompt payments. Keeping your financial house in order can help you qualify for the best mortgage rates on a buy to let property.

Head to the Property Investor Show to meet a range of finance providers to ensure you get the best deal available. www.propertyinvestor.co.uk

London ExCel 19/20 April 2024