If you’re looking for a BTL mortgage and want to fix your mortgage rate then think again. You may have to wait as the majority of lenders have removed their fixed rate products.
Nearly 40 lenders have done this this week due to the uncertainty in the market.
We’ve been here before during Covid and the last credit crunch but this seems different. When you have had something for so long it becomes the new norm. Historic five year fixes of 2% for personal investors and 3% in the limited company space now seem an eternity away.
We won’t be going back to that so now is the time to evaluate your property portfolio to see what options you have.
We expect lenders to gradually return to the BTL market once they become more confident, but rates will be higher.
Over that last few months the 4% and 5% barriers have been breached. in the limited company market we’re now looking at 6%-7% rates!
We arrange BTL mortgages every day and have been here before and as landlords ourselves we are facing the same issues as you.
If you want advice then please get in touch.
Tags: BTL, lender