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There’s been a significant increase in the buy to let mortgage product range according to analysis by independent service Moneyfacts.
A year ago, there were fewer than 1,000 buy to let products available; but now there are over 2,500.
In addition the service says that average fixed rates for BTL have have fallen month-on-month: the start of October saw the average rate for a two-year deal drop to 6.40 per cent, down from 6.64 per cent in September. Similarly, the average five-year fixed rate fell to 6.32 from 6.49 per cent during the same months.
However Rachel Springall, finance expert at Moneyfacts, warns that “those coming off a two- or five-year fixed rate deal will need to find more funds to afford higher mortgage repayments”.
This is because the average two-year fixed rate has more than doubled since October 2021, when it sat at 2.92 per cent. Meanwhile, back in October 2018, the average five-year equivalent was 3.40 per cent.
And she acknowledges that some landlords may seriously be considering selling up, as margins continue to be hit by a cull in mortgage rate tax relief, tax changes for CGT and holiday lets, plus EPC requirements.
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