Buy-to-let property investors on standard variable rates could halve their monthly mortgage repayments by switching to a fixed rate.
According to figures from Property Master's Mortgage Tracker, the monthly cost of an average £150,000 buy-to-let mortgage on a standard variable rate has increased to £629 following the base rate increase in August.
The cheapest buy-to-let rates have come down so much over the last year many of the lenders are not charging much of a premium for their buy-to-let mortgages.
The number of buy-to-let property purchases has reduced significantly following the stamp duty increases and restrictions on tax relief on mortgage interest payments, so the lenders have been targeting the remortgage market.
Aaron Strutt, product director at Trinity Financial, says: "If you have a portfolio of properties you can provide us with your property schedule and we will be able to confirm if you can borrow more money or refinance to a lower rate."
Source: Property Master
Call Trinity Financial on 020 7016 0790 to remortgage your buy-to-let property