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TODAY'S OTHER NEWS

Number of buy-to-let mortgage deals slightly down

The total number of buy-to-let mortgage products on the market fell slightly last month, but remains at its second highest level since the recession in 2008, amid fierce competition between lenders, the latest figures show.

There are currently 1,723 buy-to-let mortgage products available, down from 1,725 last month, but significantly higher than the 1,477 products available a year ago, according to Moneyfacts.

However, the marginal month-on-month decline in mortgage products suggests that providers may now be holding back as they take stock of the latest rule changes, with lenders now required to apply stricter standards to those buy-to-let landlords with four or more properties.

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Sep-17

Oct-16

Oct-17

 

Total number of mortgage products

 

1,725

1,477

1,723

 

 

Source: Moneyfacts

 

 

     
                 

At the same time, buy-to-let mortgage rates are beginning to edge up. 

The data from Moneyfacts reveals that while the average buy-to-let fixed mortgage rate stood at a record low of 3.15% in September, and remained at that level when October’s figures were calculated, it has since started to creep up, and at the time of writing stands at 3.17%.

This pattern can also be seen across the majority of terms and loan-to-value (LTV) tiers.

For example, the average two-year fixed BTL mortgage rate stood at 2.79% at the beginning of October, yet it's now risen to 2.82%, while the average three-year rate has risen from 3.15% to 3.20% over the same period. Only the average five-year fixed BTL rate remains unchanged at 3.43%, yet even then, it fell to 3.41% a week ago and has since edged back up.

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