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Thursday, May 11, 2017

Buy-To-Let Rates Rise

The Telegraph reports that figures from Mortgage for Business, the specialist broker, show average fixed-rate deals reversed the rate cuts made in March.

The average two-year fixed term loan was 2.9pc in April, up from 2.86pc in March. Three-year deals rose from 3.53pc to 3.56pc, while the average five-year buy-to-let mortgage went from 3.74pc to 3.76pc.

It is the first time buy-to-let rates have increased this year, and the first time three-year fixed mortgages have risen since April 2016.

However, the average tracker mortgage fell, from 4.85pc to 4.74pc in April.

It would appear that mortgage providers are using the increases in buy-to-let rates to offset reductions in rates offered to residential customers.

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