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TODAY'S OTHER NEWS

New evidence of buy to let mortgages at record low costs

A second firm is suggesting that the cost of Buy To Let mortgages has fallen to a record low - but warns that further reductions are looking unlikely.

Last week we reported that Mortgages for Business was suggesting the average pricing of two- and three-year fixed rates hit all time lows of 2.92 per cent and 3.76 per cent respectively.

Now Mortgage Brain, a technology firm supporting lenders and others in the mortgage indusatry, says the cost of an 80 per cent Loan To Value two year fixed mortgage is now 18 per cent lower than it was at the start of 2014 and 11 per cent lower than it was a year ago.

Similarly, the lowest rate three year Fixed buy to let mortgage with an 80 per cent LTV (at 3.39 per cent) is some 16 per cent lower than it was three years ago and 10 per cent lower than last year. 

The firm also says the cost of a longer term 60 per cent LTV five year xixed buy to let mortgage is now 15 per cent lower than it was in 2014; its 70 and 80 per cent LTV counterparts are 14 and 11 per cent lower respectively.

 “Like our recent residential mortgage product analysis the Buy To Let sector looks like it could be levelling out and moving away from the long period of  historic lows in terms of costs and rates” says a Mortgage Brain spokesman. 

“Buy To Let investors can still take advantage of some good savings and low rates when compared to this time last year, however, the mixed and marginal movement in costs over the past three months could be seen as a further sign of stability, or even the start of a period of rises” he adds.

  • jeremy clarke

    It's not just the cost. I'm looking to raise an additional £30,000 against a btl property that I've owned for 15 years which equates to a total ltv of c60% and that's proving nearly impossible yet the same bank is happy to offer me c£129,000 on a residential mortgage! How does that make any sense?

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