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Landlords that are searching for some good news in the morass of moribund headlines will be please to know that increasingly predictions from leading economist are that interest rates are set to tumble into 2009.
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In fact the other night I was filling out the LOANS details on Property Hawks FREE property manager inputting the latest buy-to-let mortgage reductions notified by my various buy-to-let lenders. It bought a rare uplift after all the bad news in the financial and property markets to see that my rental profits will be going up before Xmas.
The following day I was greeted by an interview on BBC Radio 4
Andrew Bell of Rensburg Sheppards who was talking about rates of 3% during next year.
Roger Bootle of Capital Economics known for his slightly headline catching predictions has suggested rates need to fall as low as 1%.
This made me salivate at the thought of further falls on my interest rate charges on my base rate tracker mortgages.
The only fly in the ointment for landlords looking for a new buy-to-let mortgage is that money market rates, LIBOR remains stubbornly high at over 2% way way above the long term average of 0.09%. Until this comes down borrowing rates on new buy-to-let mortgages will remain high.
Find out how the under cover landlord found his buy-to-let mortgage.
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2 comments:
LIBOR rates have stabilized. This is good news in that they are not going up and have started to edge down.
It will be a long haul but hopefully we have turned the corner and landlords can start to look forward to a falling base rate and also falling real cost of interest on buy-to-let mortgages ie the margin over base charged by the banks on their buy-to-let loans.
The Libor rate has fallen for the twelfth day in a row now in the wake of the government rescue package of the banks.
Chris Horne, Director of Property Hawk the UK's leading landlord website, comments "This is the twelfth consecutive fall in the Libor rate and will bring a welcome boost to landlords and buy-to-let mortgage rates, as the freeze in interbank lending begins to thaw.
"The huge injection of cash by the Government's rescue plan is beginning to filter through the markets, giving banks the confidence to start lending to one another again. We can expect to see a positive knock on effect over the coming weeks as competition returns to the buy-to-let market, bringing more choice to landlords."
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