This year has been a pivotal turning point for many...
Buy to let investors take advantage of falling mortgage costs
Reports from September show that interest rates have fallen by as much as 8% since March 2016.
New data from Mortgage Brain has highlighted that investors have been able to purchase buy to let properties at a much better rate, with the average cost of a five year fixed mortgage (with 70% loan-to-value) now being 8% lower than it was six months previously.
The number of buy to let mortgages with a 60% loan-to-value has also fallen over the period between March – August 2016. The lower rates have had a huge impact on the buy to let market and has resulted in many investors saving quite a sum of money by taking advantage of current deals.
For example, a rate of 2.80% in September 2016, could see a potential annual saving of £738 on a mortgage loan worth £150,000, compared to 6 months previous. A similar deal with a two year fixed rate mortgage (at 2.89%) could see annual savings of £540 for landlords if they were to take advantage of these deals.
The news follows on from recent figures analysing lending on the number of remortgages reaching an 8 year high – this may well reflect the higher number of investors remortgaging their own property in order to finance a buy to let purchase.
If you’d like more information on buy to let lending and saving money on your mortgage, then call the Expedite team today on 0800 012 100. Our professional expertise means we are fully aware of the lending criteria which allows us to inform our clients of the best deals on the market to suit their needs.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Source: – http://www.financialreporter.co.uk/mortgages/buy-to-let-mortgage-costs-fall-8.html – On clicking this link you will leave the regulated site of Expedite Financial Services Ltd. Neither Expedite Financial Services Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.
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