Mortgage bonanza for many including landlords

Bank of England governor Mark Carney's warnings of a potential property price plunge and general anxiety still lingering around Brexit, you could be forgiven for feeling negative about the current state of the property market.

But a quick look at the numbers will show there's hardly ever been a better time to be hunting for a mortgage - whether you're a first-time buyer, re-mortgaging, or looking to get into buy-to-let - rates have scarcely ever been lower.

Not only are rates dropping, lenders are also expanding their product ranges into areas that they previously might not have considered.

Bank of England rates data shows the average buy-to-let mortgage rate at 75% loan-to-value has also plummeted to just 2.27% - the lowest since records began in 2012.

The buy-to-let sector has been battered in recent years as tax relief on mortgage interest is withdrawn and replaced with a tax credit. On top of this landlords now pay tax on their revenue rather than profit after mortgage costs.

In addition, the buy-to-let market has been hurt as stamp duty for new purchases was slapped with a 3% surcharge back in 2016, making outlays for new investors considerably more expensive.

The low rates are being introduced to entice potential new borrowers and it seems to be working.

For example, Lloyds Bank's buy-to-let arm BM Solutions today announced changes to a range of mortgage and valuations fees on a downward scale.

Help required?

If you would like assistance with your buy-to-let mortgage please do make contact and one of our qualified advisers will be happy to guide you.