BTL mortgage rates continuing to fall

Now more than 2,000 different buy-to-let products available

Research from online mortgage broker Property Master shows a number of popular buy-to-let fixed rates deals have continued to fall since the start of the year.

Property Master’s Mortgage Tracker found five-year fixed rate mortgages remain the most competitively priced of those recorded. The monthly repayment for a five-year fixed rate loan of £150,000 that represented 65% of the value of the property fell by £22.00 a month compared with January of this year.

Landlords borrowing the same amount but for 75% of the value of the property are paying £16.00 less per month compared to the cost if they had taken out that loan in January.

The Property Master Mortgage Tracker follows a range of buy-to-let mortgages for an interest only loan of £150,000. The rates and costs recorded include product and application fees.

Deals from 18 of some of the biggest lenders in the buy-to-let market including Barclays, BM Solutions, RBS, The Mortgage Works, Godiva and Precise were tracked.

Angus Stewart, Property Master’s chief executive, said: “Landlords are benefiting from increased competition in the mortgage market for their business – recent research revealed there are now over 2,000 different buy-to-let products available.

“They are also probably benefiting from the market’s expectation that if the base rate does go up it is more likely to do so later in the year rather than now.

“The feeling is there is a lot of uncertainty around at the moment in terms of the future direction of Brexit coupled with weak economic data. But the Bank of England meets again next week and it could always surprise us.”

Exit mobile version