Buy to let (BTL) mortgage competition is showing no signs of stopping, with the average two-year fixed BTL rate falling by 0.31% in one year. Examples of BTL mortgage interest rates drops include the Leeds Building Society who has reduced rates on its fixed rate buy-to-let (BTL) deals by up to 0.25 of a percentage point, while Skipton has cut rates on its buy-to-let products by up to 0.28% and refreshed its range of five-year residential fixes.
Not only are rates dropping – which is great news for landlords – but there is also an increase in the number of products available.
The research from Moneyfacts, which was reported in LettingAgentToday magazine shows that the number of BTL mortgage products now available has increased from 1,408 in January this year to 1,610 now - a rise of around 15% in just six months.
The figures show that the market has recovered from the significant drop in products that was seen at the start of 2017, suggesting that landlords can take advantage of lower rates, as well as have more choice of mortgages available.
A spokesperson from Moneyfacts said: “The buy to let market has seen turbulent times with significant tax changes, tougher affordability rules and more changes to come into force in September. Many thought the BTL mortgage market might show signs of strain. And yet, rates have continued on a downward path. Since the introduction of new regulation in January, however, the pace of the reductions has slowed considerably.”