Promising news as Buy To Let mortgages fall again
One of the most promising highlights in recent buy to let news is the revelation that mortgage costs have fallen again. Similar in structure to regular mortgages, buy to let mortgages are loans earmarked specifically for landlords intending to buy property and rent it out.
Investing in a buy to let property can be a smart decision if you’re in the market for a steady, long-term source of income. And since the latest data analysis from industry specialist Mortgage Brain confirms that buy to let mortgage rates are down, it’s a decision that’s well worth considering.
According to Mortgage Brain, buy to let UK mortgages have been falling since the second quarter of 2019. Where does that put rates today? Compared with 3 months ago, the buy to let property finance market is reporting:
Loan-to-value simply describes the amount of your buy to let mortgage as a percentage of the appraised value of the property you’re using it to purchase.
To put these costs in perspective, consider that:
You can learn more about how mortgage costs fluctuate with the help of a buy to let mortgage calculator like the one provided by GEQO.
The cost of buying a buy to let property varies widely. So, before you can answer the question is buy to let worth it for you, you should run the numbers and consider all available options.
One of the most practical ways to start your search for the cheapest buy to let mortgage – especially if you’re a first-time buyer, or have adverse or bad credit – is by making use of an online finance quote system.
Loan comparison sites like GEQO:
Mortgage Brain has suggested that one of the biggest influences currently driving down buy to let rates is product volume. And with 11% more products on offer today (3,859) than there were a year ago, that’s great news for anyone who’s been thinking about conducting a buy to let mortgage comparison.
If the recent drop in buy to let mortgage costs has piqued your interest in the idea of becoming a landlord, you’ll find more valuable buy to let mortgage advice – including what you need to know about buy to let tax rules in the UK – at the Money Advice Service website.