Landlords increasingly opting for longer-term fixed rates
Landlords are increasingly opting for longer-term payment security and taking five-year fixed rate mortgages.
According to the latest research from Mortgages for Business, in Q4 2018, 84% of landlords chose five-year fixed rate mortgages, up from 70% in the previous quarter’s index. The specialist buy-to-let provider also said more than half of all newly submitted buy-to-let applications were from landlords using limited companies, up from 44% in Q3 2018.
Aaron Strutt, product director at Trinity Financial, says: “The cost of two, three and five-year fixed rate buy-to-let mortgages has dropped over the past 12 months, and lenders have continued to improve rates over the last few weeks.”
Figures from Rightmove show there has been a 22% drop in rental supply compared to this time last year, leading to a significant rise in rents. The property portal says rents in London have risen to record high of £2,034 per month.
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