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Two- and three-year fixed BTL rates drop to all-time low

Two- and three-year fixed BTL rates drop to all-time low

Two- and three-year fixed buy-to-let (BTL) rates have dropped to an all-time low, new research has revealed.

The latest Buy-to-Let Mortgage Product Index from Mortgages for Business reported an average price of 2.92% and 3.76% for two- and three-year products respectively.

Three-year fixed rates are now cheaper than five-year options for the first time in two years, with the latter having risen for the second month in a row to an average of 3.77%.

David Whittaker, CEO of Mortgages for Business, said: “Longer-term swaps in particular have risen in recent months, so it’s no surprise that pricing for five-year fixed rates have started to creep up.

“However, when looking at the bigger picture, these rates are still, on average, less than 1% more than their shorter-term counterparts.

“As such, we continue to recommend them to customers as they not only provide a longer period of security against rate rises in an uncertain market, they can also save landlords the time and money it costs in remortgaging more often.”

These latest figures come amid a wave of changes in BTL finance, which some have warned could lead to some landlords becoming mortgage prisoners.

“At the very least, landlords should consider having some properties mortgaged on longer-term fixes to spread risk,” David added.

“The fact that these rates are beginning to rise now should prompt landlords to take action sooner rather than later.”

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