Published: 19/07/2019Buy-to-let mortgage rates are tumbling as lenders unveil cheap deals in a bid to keep landlords in the market.
Figures released by Mortgage Brain, a platform used by mortgage brokers, show the average 40%-deposit tracker mortgage is 3% cheaper than it was three months ago, and a 30%-deposit tracker deal is 2% cheaper than in March. This means a landlord taking out a £150,000 mortgage would save £234 a year with a 40% deposit and £144 a year with a 30% deposit.
Recently, Barclays joined the slew of lenders cutting rates, including a reduction from 1.59% to 1.41% on its two-year fixed-rate deal to landlords with a 35% deposit.
All this comes as welcome news to landlords. Since 2016, changes to tax breaks available for investors, a three per cent additional stamp duty and tightening lending regulations, made the buy-to-let sector a difficult path to navigate. Therefore, the news of these tumbling mortgage rates will be widely welcomed by many.
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