If you have not already taken advantage of the great low cost buy-to-let mortgage deals banks have been offering over the last few months, you might just be too late.
As I have been saying for ages, with interest rates so low and the rental market so buoyant, it is an excellent time to invest in rental property, so it is therefore not surprising that millions of people have also come to that conclusion. As a result, the lenders have been inundated with applications for new buy-to-let loans.
There have been some incredibly cheap mortgage deals on offer of late, which in part has helped fuel the buy-to-let boom. So it is rather a shame that the best of these cheap deals are no longer available to prospective landlords—big lenders such as the Skipton Building Society and buy-to-let specialist, Kensington, have all withdrawn their cheapest rates after reaching their lending limit on the cheapest (and most popular) buy-to-let mortgage deals.
Unfortunately, this means that any landlords who have not already acted and secured a low fixed rate or tracker deal are going to be stuck with much higher repayments on their loan.
However, even at higher rates, investing in a rental property is still a wise decision if you have the available funds. The number of tenants continues to rise, as does the average rental income, but if you ARE considering cashing in on the boom, do not delay or you could miss out on some of the best deals once again!
