BTL mortgage rates hit new low

BTL mortgage rates are at their lowest ever level according to Moneyfacts data.

The average BTL mortgage rate now stands at just 3.82 %, down from 4.22 % a year ago, and compared to a 4.68 % rate back in February 2013, and 5.03 % in Feb 2012. 

The average BTL variable rate has also dropped to low. This now stands at 3.63 %, compared to 4.17 % in Feb 2014,  4.43 % in Feb 2013, and 4.46 % in Feb 2012 three year’s ago.

Moneyfacts says the low rates are a result of a thriving BTL lending market. 

The number of BTL products available have risen from 757 to 811.

BTL lenders are also becoming less cautious with their lending criteria with an increasing proportion of products available at higher Loan to Values. The number of 75% LTV or higher deals have increased from 2,662 to 2.943 over the past 12 months.

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