Buy-to-let mortgage rates still falling amid strong competition
Buy-to-let mortgage rates continue to fall in a boost for buy-to-let investors.
According to research from Moneyfacts, greater competition means that buy-to-let mortgage rates have been falling, albeit at a slower pace since January when new regulations were introduced.
More buy-to-let mortgage products are now available to borrowers. This has increased competition in the market and contributed to the rates fall.
Charlotte Nelson, finance expert at Moneyfacts, said: “Product numbers have been bolstered since the dramatic fall that occurred in January, giving landlords looking for a mortgage deal today more choice. This shows that after the initial shock of the changes in January, providers are keen to recover and keep the market buoyant.”
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She continued: “Providers are now starting to gear up for further regulatory changes. From September, lenders will have to apply stricter standards for landlords with four or more properties.”
The average two-year fixed rate has fallen between July 2016 and July 2017. In 2016, the rate stood at 3.22%, while in July 2017 the rate had fallen to 2.91%.
With more mortgage options available, landlords have greater flexibility and support should they need to borrow to secure property.
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