The rise in mortgage lenders offering rate cuts
It's an exciting time for investors to start refinancing their property investments as the banks are trying their best to win business by introducing both reduced rate and some longer fixed rate buy-to-let mortgages.
Leeds Building Society recently launched a range of 10-year fixed rate buy-to-let products. One of the products is available at 2.49% up to 60% LTV and another at 3.29% up to 70% LTV, giving landlords the flexibility to plan their mortgage costs for ten years
Barclays also introduced a new five-year fixed rate buy-to-let product at 75% loan to value (LTV) at 2.19% which is subject to £1,295 product fee. The bank also decreased its 75% LTV two-year fixed rate deal from 1.68% to 1.65%.
Such steps might be recent but are not new to the property industry. Earlier in February this year, Bank of England’s Monetary Policy Committee (MPC) collectively voted to keep the base interest rate at 0.75%, encouraging landlords to invest in properties amidst the uncertainty of the outcome of Brexit.
It’s incredible in these days of uncertainty that the banks are able to offer such competitive interest rates so far into the future. Fingers crossed, hoping that they know what they’re doing!
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