It's been a busy old week on the buy-to-let mortgage market this week.Not only has the Mortgage Works the biggest of the current buy-to-let mortgage lenders revamped their product range.
It turns out that one of the other major lenders Platform has responded with a new range of buy-to-let mortgages at almost 1% below the rate charged on a similar 3 year fixed rate product.
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It seems that buy-t0-let lenders are waking up to the fact that with house prices stabilising lending money against property on relatively low LTVs is like printing money and profits.
My view is that at less than 6% fixed for 3 years and with a fee of £1495 this type of product could give some landlords who want the piece of mind that they are insulated against a sharp rise in interest rates occurring over the next few years. Admittedly unlikely, but so was all the banks being bust!
FIXED RATE MORTGAGE of 6.89% to 1.12.12 withdrawn w.e.f. 2.10.09.
NEW FIXED RATE MORTGAGES for second time buyers & remortgage only: 5.99% to 1.12.12, max 60%, fee 1495: 6.89% to 1.12.12, max 75% (remtgs 70%), fee 1495, both revert to 5% for term, w.e.f. 5.10.09.
Free property management software, Free tenancy agreements
It is good to finally see a bit of activity going on back in the market, as net lending has been so low of late. Finally a slight glimmer..
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