Buy To Let product choice highest since 2007: MoneyfactsBuy To Let product choice highest since 2007: Moneyfacts https://www.ngiresidential.co.uk/wp-content/uploads/2019/03/buy-to-let-1024x576.jpg 1024 576 NGI Residential Mortgages NGI Residential Mortgages https://www.ngiresidential.co.uk/wp-content/uploads/2019/03/buy-to-let-1024x576.jpg
The number of buy to let products currently available has reached its highest level since the financial crisis, says Moneyfacts.
Landlords now have the choice of 2,162 BTL mortgage products. The largest number available prior to this was in October 2007, when there were 3,305 products on the market.
Within the past year there has been an increase of 397 products, and over the last two years, 706.
Providers are continuing to offer landlords a wider selection of products amidst the current uncertainty in the property market, according to Moneyfacts.
However, the heightened competition has not resulted in a fall in interest rates within the BTL sector.
The data shows that the average two-year fixed BTL mortgage rate has increased by 0.20 per cent to 3.12 per cent since September 2018, and the average five-year fixed rate has increased by 0.15 per cent over the same period.
Moneyfacts finance expert Darren Cook comments: “As there appears to have been no sustained increases in interest swap rates since September 2018, a strong argument can be made that the recent increases to BTL mortgages interest rates have been a result of BTL mortgage providers attributing a little more to risk into their product rates due to uncertainty over future economic conditions.”
* Content Source – Mortgage Strategy.
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