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Impact of Interest Rate Cut Pushes Buy-to-Let Mortage Deals Down

Housing-Market / Buy to Let Sep 21, 2016 - 12:10 PM GMT

By: MoneyFacts

Housing-Market

Potential Buy-to-Let (BTL) investors are continuing to enjoy a fall in mortgage rates, particularly those looking for a longer-term fixed rates. In fact, research from Moneyfacts.co.uk shows that not only have these deals fallen to all-time lows, the average fixed rate at 75% loan-to-value (LTV) has fallen by 0.49% in just six months and is the first time this rate has fallen below 4.00%.


Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:

“The reduction in the Bank of England Base Rate to 0.25% has already affected BTL rates, with the average five-year fixed rate at 70% LTV falling by 0.15% in just one month. In fact all LTVs for five-year fixed rates have reached the lowest in the market this month.

“With savings rates at record lows, many savers that once used their interest to supplement their income are looking elsewhere, and as bricks and mortar is often deemed a ‘safe bet’ many are looking at BTL as an investment option.

“Whilst the costs of obtaining a BTL mortgage are being driven down, there are other costs to factor in, such as the stamp duty surcharge that was introduced in April this year and the tax relief changes that are coming into play next year.

“As five-year fixed rates get ever lower, and with more calls for longer-term tenancy agreements, we could perhaps see a shift in the focus of the BTL landlord whereby the investments become a more long-term prospect.

“Low rates may make a BTL investment an attractive option, but borrowers should remember that a BTL investment is not without its risks, so it is important for any potential landlords to seek financial advice to see if BTL is the right option for them.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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