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More buy-to-let rates available as lenders improve stress test calculations

Mar 05 2023

The number of buy-to-let mortgage products has returned to its highest count since last July following a mass product drop.

In an article published in November, data firm Moneyfacts reported signs of recovery in the buy-to-let space. Buy-to-let product availability had recovered from 988 mortgages in October to 1,769 on 25 November 2022. As of March, there are 2,400 rate options in this sector.

Moneyfacts says both the average two and five-year fixed rates rose to 6% towards the tail end of 2022, but thankfully, both rates have slowly dipped below this level. As of March, the average two-year fixed deal stands at 5.81%, while the average five-year fixed sits at 5.72%.

What is happening in the buy-to-let market?

The increases in buy-to-let mortgage rates and the subsequent rise in stress rates have made buy-to-let extremely difficult unless landlords have a huge deposit often around 50%.

Mortgage lenders use stress tests to work out maximum loan sizes and these calculations shot up almost overnight following the Liz Truss 'mini-budget.'

We are starting to see some lenders act to make it slightly easier to allow landlords to borrow more money. BM Solutions, Skipton for Intermediaries and TSB have all made improvements and other lenders are set to follow their lead.

Jed Newton, director of Trinity Financial, says: "Mortgage Lenders need to work out how they can make the calculations work for clients to allow them to borrow otherwise people will turn their back on the sector. The availability of rental properties will continue to get worse if nothing is done. The interference by the government through taxation and the regulators through rules and stress tests have drastically hit the sector."

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The information contained within this article was correct at the time of publication but is subject to change.

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More buy-to-let rates available as lenders improve stress test calculations

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