Research from independent market monitor Moneyfacts shows that the average two-year fixed BTL rate has fallen by 0.31 per cent in one year, and even though the pace of the fall has slowed in recent months, the market has now recovered from the significant drop in products that was seen at the start of this year.
The number of BTL mortgage products now available has risen from 1,408 in January this year to 1,610 now - a rise of around 15 per cent in just six months.
As regular readers will know, I have been encouraging Oxford buy to let landlords to consider re-mortgaging for several months now. The market for BT mortgages has been improving with the range of products increasing and the level of interest rates falling. At a time when landlord costs have been rising, and look set to continue to rise, this is a way for landlords to reduce their monthly costs and lock-in the historic low interest rates for years to come.
Too many Oxford landlords have a misplaced sense of loyalty to their current lender, instead of grasping the opportunity to look after their own interests.
For any reader interested in discussing the opportunities for re-mortgaging I would be happy to make a referral to a registered and regulated mortgage broker for a no-commitment telephone assessment to determine whether you could save money by re-mortgaging.
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