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Money Facts has reported the number of Buy to Let mortgage products available to landlords has hit a record number since they dropped to below 200 after the financial crisis 10 years ago.
There are now 1,725 different Buy to Let products available across lender compared to the pre-crisis high point of 1,942. The last month has seen an increase of 7%, which is the largest month on month growth this year.
Charlotte Nelson,Moneyfacts spokesperson, said: “Despite reduced BTL activity in the first quarter, competition among lenders remains high as providers fight to retain their standing in a diminished market. Rates have also fallen with the average two year BTL fixed rate down from 2.91% in August to 2.86% in September, another record low”
“The extra pressure on the buy to let market could be a turning point, with the competition that is currently alive and well amongst providers perhaps starting to ebb as they shift their focus to ensuring the new regulation is followed”
At the end of this month we will see the change in regulation come in to force defining landlords with four or more properties as ‘Portfolio Landlords’ and the performance across the whole portfolio having to be taken into account when assessing affordability.
Therefore, we could see even more products as the lenders split them over the two different types of criteria requirements.
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