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Monday, May 09, 2011

Tracker rates on top

According to leading buy-to-let mortgage lender the Landlord Centre their latest quarterly survey reveals that tracker mortgages are the most popular of all loan applications being made by landlords.  Andy Young, chief executive at Landlord Centre comments on the Index’s findings:

“During the course of last year fixed rates were a more popular choice by landlords, making up 63% of applications in the last quarter of 2010, with just 37% of applications for variable rates. However, this preference appears to be changing as the Bank of England base rate has remained at its historical low of 0.5% throughout the first quarter of 2011.
“During Q1, 52% of applications were for variable rates, perhaps reflecting opinion that any interest rate changes during the year will be small. There have also been some very attractive discounted rates available via a number of regional building societies, resulting in an influx of applications for these products. Interestingly the average rates chosen during the period increased slightly. The average fixed rate was 5.00% (up 0.24%) and the average variable rate was 4.20% (up 0.13%). However, one set of results is not sufficient to tell whether this is a developing trend or just a minor deviation compared with the previous quarter.”

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