Mortgages are getting cheaper
Landlords can make savings by switching their buy-to-let (BTL) mortgages as average costs have started to fall.
The latest analysis shows that the cost of a 60% Loan-to-Value (LTV) BTL mortgage is now 3% lower than it was three months ago.
Meanwhile, the same product with an LTV of 70% now costs 2% less than it did in March, with cost for an 80% LTV falling by 0.5% during the same period.
The cost reductions offer investors potential annual savings of £234, £144 and £36 respectively on a typical £150,000 mortgage.
The report also recorded 2% reductions in the cost of 60% and 80% LTV five-year fixed BTL mortgages over the last three months.