Fixed rate mortgages increase in 1st quarter

The fifth edition of Legal & General's's Mortgage Product Index throws some light on the take up by landlords of fixed-rate mortgage products .

It appears that landlords have been flocking to fixed rate buy-to-let mortgage products in Q1 of 09 with the percentage of fixed rate buy-to-let mortgage up from 43% in the previous quarter to 68 % in the first quarter of the year.

This jump may no be so significant as it first appears. Firstly with mortgage approvals hovering at historic low levels then a small sample size isn't the most reliant. Even more significant is the shortage of supply of variable rate products.

A quick search conducted through the buy-to-let mortgage search facility revealed only 19 variable rate products now available. Pleasingly, however were the appearance of several products below 5%. The cheapest of the bunch is a tracker provided by Lloyds TSB of 4.49% or 3.99% above base until end of June 2012. The reversion rate is a reasonable 2.5% above base.

More of the latest buy-to-let mortgage news provided by emoneyfacts:

• Scottish BS
• Buy-to-let STANDARD VARIABLE MORTGAGE RATE reduced by 0.20% to 5.04%, w.e.f. 26.3.09....more
• 25 Mar 2009
• Birmingham Midshires Solutions
• END-DATES on Buy-to-let FIXED RATE MORTGAGES extended to 1 July. FIXED RATE of 5.29% to 1.4.12 withdrawn & replaced with new rate of 5.49% to 1.7.12. NEW FIXED RATES for house purchase only of 5.29% to 1.7.12, max 70% & 5.49% to 1.7.14, max 75%. NEW FIXED RATE for purchase & remortgage of 5.99% to 1.7.19, w.e.f. 21.3.09....more
• 23 Mar 2009
• The Mortgage Times
• ALL FIXED RATE MORTGAGES funded by BM Solutions withdrawn & replaced with products of 5.29% to 1.7.11, 4.99% to 1.7.12 and 5.99% to 1.7.19 and for purchase only 5.49% to 1.7.14 and 5.29% to 1.7.12 and for remortgage only 5.69% to 1.7.14 and 5.49% to 1.7.12, w.e.f. 23.3.09....more
• 23 Mar 2009
• Bank of Scotland Mortgages
• Buy-to-let FIXED RATES of 5.24% to 31.3.12 & 5.79% to 31.3.14 withdrawn & replaced with products of 5.29% & 5.69% to 30.6.12 and 5.89% to 30.6.14, w.e.f. 21.3.09....more
• 23 Mar 2009
• Clydesdale Bank
• END-DATES on buy-to-let FIXED RATE MORTGAGES extended to 30 June, w.e.f. 23.3.09....more
• 23 Mar 2009
• Yorkshire Bank
• END-DATES on Buy-to-let FIXED RATE MORTGAGES extended to 30 June, w.e.f. 23.3.09....more
• 23 Mar 2009
• Pink Home Loans
• END-DATES on Buy-to-let FIXED RATE MORTGAGES funded by BM Solutions extended to 1st July, wef 21.3.09....more
• 23 Mar 2009
• Alliance & Leicester
• END DATE on buy-to-let FIXED RATE extended by 2 months to 30 June, w.e.f. 23.3.09....more
• 23 Mar 2009
• Platform
• NEW buy-to-let FIXED RATES with "Buy to Let" criteria of 6.99% & 7.49% to 1.6.12 and with "House Plus" criteria, 7.24% to 1.6.12 and MAXIMUM ADVANCE amended to £500K per property, w.e.f. 23.3.09. ...more
• 23 Mar 2009
• Platform
• ALL BUY-TO-LET PRODUCTS withdrawn w.e.f. 5 p.m. 20.3.09....more
• 20 Mar 2009
• Astra from N & P - BTL
• Buy-to-let STANDARD VARIABLE RATE reduced by 0.15% to 4.85%, w.e.f. 24.3.09. ...more
• 20 Mar 2009
• Norwich & Peterborough BS
• Buy-to-let STANDARD VARIABLE RATE reduced by 0.15% to 4.85%, w.e.f. 24.3.09. ...more
• 20 Mar 2009
• Ecology BS
• Buy-to-let MAXIMUM LOAN-TO-VALUE reduced from 80% to 70%, w.e.f. 19.3.09....more
• 20 Mar 2009
• NatWest Mortgage Services
• END DATES on FIXED RATES extended by 2 months to 31 May, w.e.f. 19.3.09....more
• 20 Mar 2009
• Stafford Railway BS
• Buy-to-let LENDING AREA restricted to local area only, w.e.f. 19.3.09....more
• 20 Mar 2009
• Royal Bk of Scot Mtges Direct
• END DATES on buy-to-let FIXED RATES extended to 31 May, w.e.f. 19.3.09....more
• 19 Mar 2009
• Teachers BS
• Buy-to-let STANDARD VARIABLE MORTGAGE RATE will be reduced by 0.20% to 4.99%, w.e.f. 1.4.09....more
• 19 Mar 2009
• Leeds BS
• Buy-to-let FIXED RATE of 5.69% to 30.4.11 withdrawn & replaced with products of 5.69% & 5.99% to 30.6.11, w.e.f. 21.3.09....more
• 19 Mar 2009
• Nottingham BS
• Buy-to-let MINIMUM RENTAL CALCULATION amended to 125% @ BBR + 6%, w.e.f. 19.3.09....more
• 19 Mar 2009
• Mansfield BS
• Buy-to-let STANDARD VARIABLE RATE reduced by 0.25% to 5.24% w.e.f. 13.3.09. ...more
• 18 Mar 2009
• Loughborough BS
• Buy-to-let FIXED RATE MORTGAGE of 4.99% for 3 years withdrawn, w.e.f.17.3.09....more
• 18 Mar 2009

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