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A Piece of England

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9/9/2021

Mortgages snapshot - cheaper by the day!

 
Our Twitter feed has filled up these past weeks with lenders announcing changes to their buy to let rates. Not since the early days of the pandemic have we seen so many cutting rates by so much.
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Analysis by Moneyfacts shows that mortgage rates for owner occupiers fell in August at the highest rate since last May, before the chancellor's stamp duty give-away. Availability has also increased, with the return of 90% and 95% loans.
Seemingly still awash with money, mortgage lenders have turned their attention to the buy to let market. This niche has always paid a premium for funding, but it seems that competition is increasing and the trend is firmly towards lower rates.
Some examples -
Available exclusively through its digital portal, Shawbrook Bank has launched a product aimed at first time landlords with a rate of 3.69%
Landbay have cut their two year fixed rate from 2.95% to 2.79% for a loan-to-value of up to 70%. Their five year fixed rate drops from 3.39% to 2.99%, also at 70% LTV.
Not to be outdone, Barclays recently announced a reduction of up to 0.22% across both purchase and remortgage products.
Large institutional investors have shown their continued confidence in the expat buy to let market. BC invest have secured a £255 million facility from Credit Suisse to fund UK buy to let mortgages to non-resident overseas investors.
If you are looking to take advantage of current low interest rates, get in touch with us about properties that are ready for handover or about to complete. .
We would emphasise that headline rates rarely tell the whole story. We advise investors to talk with a UK qualified broker with experience in this market. We are able to refer to to one whose core business is with expat clients.

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