Across the board fall in fixed rate buy-to-let mortgages…

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BTL Mortgages:

Research out today
(Thursday, September 12th) from online mortgage broker, Property
Master, has revealed another across the board fall in fixed rate
buy-to-let mortgage rates. The fall comes just as the Bank of
England meets for the last time to rule on the base rate ahead of the
October 31st Brexit deadline.

Angus Stewart,
Property Master’s Chief Executive said: “Once again we have seen
the cost of buy-to-let mortgages fall across all the categories we
track. At the moment lenders in this marketplace have a glut of
money to lend.

The current downward
pressure on rates in the money markets means they are able to source
funds cheaply at historically low interest rates. Secondly, some
lenders have also drawn in money from the consumer market by
launching headline-grabbing savings rates which whilst still low are
relatively attractive.�

Mr Stewart
continued: “More generally no-one really wants to predict the
outcome of Brexit but it may be that certainty, one way or another,
is just around the corner. Once the market is more certain about
what is happening this volatility and the bargains it has thrown up
will probably come to an end. Landlords may not have long to
benefit.

Even if a landlord’s
fixed rate is not yet due to expire it would be worth looking at what
is currently available. In some situations, it might be worth paying
to exit an existing fixed rate deal early. With some lenders willing
to hold a new product deal for up to six months there is an
opportunity to apply now and see what happens with rates. It will
pay most landlords to at least review their position while rates are
low.�

Property Master’s
September 2019 Mortgage Tracker shows the biggest fall in monthly
cost was for two-year fixed rate buy-to-let mortgage offers for 50%
of the value of a property. The monthly cost of this type of
mortgage fell by £24 per month August to September. Two-year fixed
rates for 65% of the value of a property fell month on month by £8.
Two-year fixed rates buy-to-let mortgage offers for 75% of the value
of a property fell by £3 per month.

The more popular
five-year fixed rate buy-to-let mortgages also fell across all
categories tracked. The monthly cost of a five-year fixed rate for
50% of the value of a property fell by £14 per month August to
September. Five-year fixed rate buy-to-let mortgages for 65% of the
value of a property fell by £11 per month and five-year fixed rate
buy-to-let mortgages for 75% of the value of the property fell by £6
per month.

The Property Master
Mortgage Tracker follows a range of buy-to-let mortgages for an
interest only loan of £150,000. Deals from 18 of some of the
biggest lenders in the buy-to-let market including Barclays, BM
Solutions, RBS, The Mortgage Works, Godiva and Precise (full list
below) were tracked. Figures for this month’s Mortgage Tracker
were calculated on deals available on September 1, 2019.

Property Master was
launched almost two years ago and aims to shake up the buy-to-let
mortgage market currently served by around 12,000 mortgage brokers.
It has already attracted financial backing from a broad range of
private investors including a minority stake being taken by LSL
Property Services, whose estate and letting agency brands include
Your Move and Reeds Rains.

Property Master has
automated what was a manual, complex process to provide landlords
with a free easy to use mortgage search tool which provides a
mortgage quote that is pre-screened against each lender’s specific
and changing criteria.

PropertyMaster. Com

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