Record choice of mortgages available for first-time landlords

Record choice of mortgages available for first-time landlords

Following last week’s announcement by Accord Buy-To-Let that applications from first-time landlords have doubled over the past 12 months, the latest statistics from Moneyfacts show a record number of mortgage products available to first-time landlords.

Increased competition between lenders has seen them identify first-time landlords as a key market to acquire new business. As their existing borrowers reassess their options as their current terms reach an end, providers are busy targeting new customers to breathe life into their mortgage book.

Moneyfacts has revealed new data showing an increase of 13% in the number of deals available to first-time landlords since the start of this year. There are now 1,268 buy-to-let products available to landlords entering the buy-to-let market, an increase of 339 in the past two years.

Buy-to-let is still an attractive investment

Aspiring landlords haven’t been put off by the regulatory and tax changes. As well as having a greater choice of lender, they are also benefiting from the 0.36%  fall in rates, according to Charlotte Nelson, Moneyfacts finance expert. The average two-year fixed rate has fallen from 3.19% in July 2016 to 2.83% today, and indications show that it will continue to fall.

While savings rates continue to yield little return, property continues to be an attractive investment opportunity. Aspiring first-time landlords can see that with the current high rental incomes and falling mortgage rates, the potential for a decent return is high.

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