Overview of the Buy-to-Let Mortgage Market: Latest Updates and Best Buy Deals
Are you considering investing in the buy-to-let market? If so, you’ll want to stay informed about the latest trends and developments in the mortgage market. Every Friday, we receive insights from independent experts at Moneyfactscompare.co.uk, and this week, finance expert Rachel Springall has provided an overview of what’s been happening within the buy-to-let market.
Over the past week, there have been some interesting changes in the buy-to-let mortgage sector. Lenders such as Paragon Bank, Aldermore, and Buckinghamshire Building Society have made adjustments to their fixed rates for buy-to-let mortgages. Paragon Bank introduced new “portfolio” and “green” fixed mortgages, while Aldermore withdrew its limited edition five-year fixed rates. Buckinghamshire Building Society also launched new deals, with Claire Askham, head of mortgage sales, highlighting the positive impact of increasing their BTL lending to 80%.
In terms of average fixed buy-to-let rates, there have been minor fluctuations week on week. The two-year fixed rate remains unchanged at 5.62%, while the five-year fixed rate has decreased by 0.02% to 5.59%. For those looking for the best deals, Metro Bank offers the lowest two-year fix for buy-to-let customers at 75% loan-to-value, priced at 4.19%. Suffolk Building Society, on the other hand, provides the lowest two-year fix at 80% loan-to-value, priced at 4.79%.
If you prefer the security of a longer-term fixed rate, a five-year fixed buy-to-let mortgage might be more appealing. HSBC offers a competitive deal for remortgage customers at 75% loan-to-value, priced at 4.33%. For those looking to borrow more, Furness Building Society has the lowest five-year fixed buy-to-let deal at 80% loan-to-value, priced at 5.39%.
When considering buy-to-let mortgages, it’s essential to look beyond just the interest rate. Some deals may include additional fees or incentives, such as free valuations or cashback offers. It’s worth exploring all your options and seeking advice to find the most cost-effective solution for your investment.
Whether you’re a seasoned landlord or a first-time investor, staying informed about the latest mortgage market trends can help you make better decisions for your buy-to-let properties. Keep an eye on the changing rates and deals available, and don’t hesitate to seek expert advice to ensure you’re getting the best possible mortgage for your investment.