It’s not surprising that with interest rates at a record low, mortgage providers are feeling the competition. Consequently many lenders have begun to reduce buy-to-let mortgage rates in an effort to tempt BTL landlords their way.
Personal finance data experts Moneyfacts has revealed that currently there are 1,457 buy-to-let mortgage products available - a considerable increase on previous years.
Rachel Springall, a finance expert at Moneyfacts says: “The buy-to-let market is booming. With over 100 more deals available compared to a year ago and the average fixed rate on buy-to-let falling from 3.65% to 3.34% in 12 months, it’s easy to see how lenders have an appetite for new business.”
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With interest rates at a record low level, competition among mortgage providers, somewhat unsurprisingly, continues to hot up, with lenders shaving percentage points off their buy-to-let mortgage rates in an effort to entice BTL landlords acquiring new properties through their doors.