The bank of England Base rate remained the same last Thursday bringing welcome news to the buy to let mortgage market. More impressive however is that Mortgage Trackers which follows rates and fees from 18 of the largest lenders in the buy-to-let market showed that the cost of popular buy-to-let fixed rates deals has continued to fall since the start of the year.
“Five-year fixed rate mortgages have been particularly competitively priced with the monthly cost of borrowing a typical amount of £150,000 falling between £10 and £22 compared to the cost if the loan had been taken out in January.
The bank of England base rate hold on Thursday, however, does not necessarily mean such competitive rates are here to stay. A base rate rise is certainly on the cards at some point so landlords who are looking to borrow or refinance may need to move very fast indeed.”