Landlords can find cheaper buy to let mortgage deals with new research showing that most fixed rate mortgages are currently down year on year, some by as much as £29 per month for a typical mortgage of £150,000.
Five year fixed rate mortgages, which have been steadily gaining in popularity amongst buy to let landlords, have seen the most consistent falls, according to the data from online mortgage broker Property Master.
Its January 2019 mortgage tracker report shows that five year fixed rate offers for 50%, 65% and 75% of the value of a property are all down since the start of the year, down £8, £29 and £21 per month respectively.
However, the cost of many two year fixed rates were up year on year although there was a saving of £11 per month for landlords borrowing 65% of the value of a property, according to the tracker which follows a range of buy to let mortgages for an interest only loan of £150,000.
‘Whilst interest rate prediction given the uncertainty around Brexit is very difficult indeed, the Bank of England has given a clear signal that rates must rise at some point and most commentators are expecting this to happen in the coming year,’ said Angus Stewart, Property Master’s chief executive.
‘The current low rates, particularly for five year fixed mortgage products, suggest that landlords should give serious consideration to remortgaging now to minimise the rate uncertainty that Brexit might bring,’ he added.