Potential landlords can hope for falling costs as new data from Mortgage Brain shows reductions in the cost of most mainstream Buy to Let mortgages over the past three months.
Figures released from Mortgage Brain’s latest Buy to Let (BTL) product data analysis show that the cost of a two year fixed BTL mortgage with an 80% Loan to Value (LTV) is now 4% lower than it was in August 2016. With a current rate of 3.34% (as of 1st November 2016) the reduction in cost equates to a potential annualised saving of £324 on a £150k mortgage.
The longer term analysis for this product paints an even better picture with Mortgage Brain’s data showing a 5% drop in cost compared to May 2016 and an 11% fall compared to this time 12 months ago. In financial terms, the 11% reduction in cost equates to a potential annual saving of £1,098.
At 2.40%, a two year Tracker BTL mortgage with a 70% LTV now costs 3% less than it did three months ago and offers landlords an annualised saving of £234.
Mark Lofthouse, CEO of Mortgage Brain, comments: “There’s no doubt though that, on the whole, potential BTL investors remain in a great position to take advantage of the low rates and cost reductions that we’re continuing to see.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article