Buy to let opportunities
Thanks to increased competition among lenders, the number of BTL products available has hit its highest level since the beginning of the financial crisis in October 2007, according to data from Moneyfacts. Over the past 12 months, the total number of available BTL products has risen by 21% to 2,396 in June, up from 1,929 the previous year.
The average mortgage rate has dropped thanks to the increasing options here, with an average two-year fixed rate now at 2.88% (compared with 6.36% in October 2007). These increased options and lower mortgage rates show there are currently some good opportunities out there for landlords.
Expanded options have also been seen in lenders’ criteria. As more challenger banks in particular have entered the BTL mortgage market, they are increasingly looking to specialise in criteria for professional landlords.