24^th Feb 2017

Interest rates are at an all time low so it is no real surprise that lenders are trying to 'beat up' their competitors by repeatedly shaving percentage points off of their BTL offerings to encourage buy-to-let landlords to 'side' with them when buying properties.
All this will be obvious however what is so surprising is the number of buy-to-let mortgage deals that are doing the rounds at the moment as there are 1,457 BTL mortgage deals available.

Rachel Springall, the finance expert of the online comparison site, said: “The buy-to-let market is booming. With over 100 more deals available compared to a year ago and the average fixed rate on buy-to-let falling from 3.65% to 3.34% in 12 months, it’s easy to see how lenders have an appetite for new business.”

A lender's latest Buy-to-let Mortgage Product Index claims that the cost of two- and three-year fixed rate buy-to-let mortgage products have plummeted to their lowest ever prices as the average two year fixed rate stands at only just 2.92% and the average three-year mortgage rate is just 3.76%; no wonder there is so much re-mortgaging activity being undertaken.

Springall commented: “Landlords can make considerable savings by switching to a new buy-to-let mortgage deal, with rates hitting new lows borrowers could reduce their regular mortgage payments each month.”


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