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BTL mortgage costs fall again

BTL mortgage costs fall again

The cost of a number of buy-to-let (BTL) mortgages has fallen again, according to figures released by MortgageBrain.

Data from MortgageBrain shows that the cost of a two-year fixed BTL mortgage with an 80% LTV is now 4% less than it was in August 2016.

This equates to a potential annual saving of £324 on a £150,000 mortgage.

There has also been a reduction when comparing current costs with those of May 2016 (a 5% fall) and November 2015 (an 11% decrease).

At 2.4%, a two-year tracker product (70% LTV) is now 3% cheaper than three months ago.

A five-year fixed product (60% LTV) is now 2% cheaper than in August and 3% less than in May.

The lowest rate five-year fixed BTL mortgage (70% LTV) is now 6% cheaper than in May and 9% cheaper than in November 2015.

In contrast, some BTL products have risen in cost, such as the three-year fixed BTL product (70% LTV), which increased by 3% since April, and the two-year tracker product (80% LTV), which now costs 4% more than in August.

Mark Lofthouse, CEO of MortgageBrain, said: “The rise in costs for the three-year fixed and two-year tracker mortgages could be a sign that BTL lenders are starting to look at minimising risk amid further Brexit uncertainty.

“There’s no doubt, though, that on the whole, potential BTL investors remain in a great position to take advantage of the low rates and cost reductions that we’re continuing to see.”

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