Buy-to-let rates lowest seen since January: Moneyfacts
By Gary Adams 24
th May 2021 10:02 am
Average rates for a buy-to-let mortgage have been on a downward slide in recent months, says Moneyfacts, hitting levels not seen since the start of the year.
Data released by the firm today shows that the average rate for a two-year fix at all LTVs is 2.95% currently, down from 3.05% in March 2021 and is the lowest rate seen since January 2021, when the rate came in at 2.89%.
And the average rate for a five-year fix across all LTVs is now 3.30%, which compares to 3.41% in March and the previous recent low of 3.27% in January.
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Landlords looking to lock into a fixed buy-to-let (BTL) mortgage deal will be pleased to see that the average two and five year fixed rates have fallen since the start of May and are currently at their lowest levels since the beginning of this year.
Our research into the BTL mortgage market has found that since the start of this month, the average two year fixed BTL rate has fallen by 0.04%, down from 2.99% on the 1 May to 2.95% on the 21 May. Meanwhile, the average five year fixed BTL rate has fallen by 0.05% during this same period, down from 3.35% to 3.30%. “This seems to show an appetite for business from lenders to cater to borrowers who are keen to invest,” explained Eleanor Williams, finance expert at Moneyfacts.co.uk. “Indeed, as providers continue to tweak their ranges, we have seen rate reductions of as much as 0.90% from TSB, while Virgin Money made cuts of up to 1.06% on a selection of its products this month.”