5 year fixed buy to let mortgage rates have never been cheaper.
According to UK market analysts, on average the rate of a 5 year fixed term buy to let mortgage has never been cheaper.
This time last year, the average rate was 3.77% - this has now dropped to 3.43% and that is despite last November’s rise in the base rate.
One of the likely reasons could be that 5 year deals are not stress-tested in the same way as 2 year fixes. Consequently, lenders have been focusing their attention on the 5 year options, making this sector of the market highly competitive.
For further information on which lenders are offering the lowest rates, call Deal direct on 0800 048 8828.
Please note that we are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of a property as an investment, you will need to contact an independent financial adviser.
Buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.