Landlords have been told that if they want a fixed-rate mortgage to help them through the current financial crisis they will almost certainly have to wait.

Angus Stewart, chief executive of online broker Property Master, warns that the majority of buy to let lenders have withdrawn their products following the financial market meltdown after the government’s mini-Budget. 

“The squeeze on private rental sector landlords continues from all angles, higher borrowing costs and recent increased regulation has created an unprecedented level of uncertainty. Even the latest tax cuts from the Chancellor Kwasi Kwarteng mini budget on September 23 could be now reversed. 

“The fear now is that we will see many landlords choosing to exit the market and thus resulting in a reduced supply of private rented property will add still further to the pressure on rents. 

“We are seeing buy-to-let mortgage products removed from the market at an unparalleled level. We have also seen some newer entrants to the BTL mortgage market withdraw their products as they have been unable to source their usual funds from institutional lenders.  This is extremely worrying for the sector.  We face reduced choice in the buy-to-let market which will in turn have a further impact on the rising cost of mortgages.

“We advise landlords to secure fixed rate mortgages when they become available again given that the market expect further base rates in the coming months.”

And he concludes that with the Bank of Englands base rate predicted to rise to 6.0 per cent within the next year it is in landlords’ interest to act sooner rather than later