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The number of cheap buy-to-let rates has soared as rates continue to fall.

New research from Moneyfacts.co.uk says that buy-to-let mortgages are experiencing a "renaissance" as they become both more widely available and cheaper.

Two years ago there were just five buy-to-let mortgages charging less than 3%, today that has increased to 83.

And the number of five-year fixed rates below 5% has increased from 37 to 143 over the same period.

Over the same period, the average two-year fixed rate has fallen from 4.44% to 3.45%, and the average five-year fixed in 4.67% to 4.25%.

Choice and rates have also continue to improve over the last 12 and six months.

This follows recent research showing that landlords are rushing to remortgage to take advantage of today's lower rates.

Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: "With more five-year fixed rate deals charging below 5% than ever before, it is little wonder that the newly emancipated pensioners are genuinely considering buy-to-let as a retirement option."

But she warned that those looking at this route as an alternative to a pension need to look at all aspects of the mortgage.

"Many lenders restrict the age they will borrow up to, so older borrowers would be wise to seek the guidance of a financial adviser who can access a larger portion of market."

Nelson said that cheaper mortgages will help investors earn more from their rent, giving a bigger return.

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