Buy to let mortgage lenders cutting rates despite base rate increase.
The trend for buy to let mortgage rates is that they continue to reduce despite the increase in the base rate.
Swap rates have remained high, making the cost of mortgages for lenders more expensive. Instead of passing the increases directly on customers, however, mortgage providers have absorbed the costs themselves to maintain mortgage rates and stay as competitively priced as possible.
The average fee that mortgage providers are charging has not risen by the same percentage points when compared to previous years. This is also good news for landlords as the expenses they face when starting up or adding to a portfolio are kept to a minimum.
5 year fixed rate buy to let mortgage deals are very popular and this is where the most competition for the best rates and overall value is to be found. To compare fixed rates, or any other type of mortgage, from the whole of the market, speak to one of our advisors at Deal Direct.
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.