It looks like prospective landlords are in for a beneficial few months with the recent news that several of the big lenders have slashed their buy to let mortgage rates in an attempt to attract new business in the buy to let market.
One of the big names on the High Street, NatWest, has reduced its interest rates on buy to let products by a massive 1.4 percent during the course of last month, which is a pretty significant drop. And if the other recent news reports I have read are correct, there is a great deal of evidence to suggest that lenders are likely to keep slashing the interest rates on their buy to let products as they try and gain a greater share of the booming buy to let market. Some lenders are also reducing their completion fees to gain new business.
With competition so strong in the buy to let mortgage market, prospective landlords are definitely on to a winner. Now is a fantastic time to expand your property investment portfolio—borrowing is cheap and with rapidly rising numbers of people looking to rent rather than buy, your buy to let business will soon be booming!
But before you skip down the high street in the search for a new buy to let mortgage, make sure you do your research to see what kind of deals the lenders are offering. Interest rates are changing all the time, so it might be worth waiting a month or two to see if the rates fall even lower.
