Huge choice

The number of buy-to-let mortgages available for first-time landlords has soared to record levels meaning borrowers can currently benefit from more choice and lower rates.

Figures show the number of deals in this market have increased by 13% since the start of the year despite the major uncertainties caused by regulatory and tax changes in the buy-to-let market.

It means new landlords have the choice of more than 1,200 products and can benefit from an average rate on a two-year fixed-rate first-time deal of around 3%, which is a drop of 0.33% over the last two years.

This is great news that first-time landlords have more choice than ever before, with the number of products available to them in the buy-to-let mortgage market increasing by 339 in just two years.

Providers know all too well that many borrowers on their mortgage books will be coming to the end of their term and reassessing their deal, so they need to attract new business. They’re enhancing their ranges and offering these deals to entice those customers who are new to the market, this will breathe new life into their mortgage books.

The raft of regulatory and tax changes introduced recently include the phasing out of mortgage interest relief and the Prudential Regulation Authority (PRA) demands for tougher underwriting standards and affordability assessments. Despite these changes, which were expected to put many people off becoming landlords, there are some who clearly remain undeterred.

Just last week two large buy-to-let lenders announced they would be expanding their offering for first-time landlords, they noticed applications for those taking an initial step into the market had doubled in the space of a year.

If you are looking for a new or re-mortgage please do make contact and one of our fully experienced advisers will be happy to help.