According to Moneyfacts, this is especially positive for investors with lower deposits as this spike in the number of BTL mortgages covers the LTV segment
Research from independent financial service market monitor Moneyfacts shows a small but encouraging increase in the number of buy to let mortgages for investors.
Moneyfacts says that after two months of small increases, investors now have the highest number of deals to choose from since March 2020.
Following an overall increase of 158 since December, there are now 1,976 BTL products on offer, with growth being seen across nearly all the Loan To Value tiers.
The service says this is especially positive for investors with lower deposits as this growth has extended to the higher-risk 80 per cent LTV bracket.
Here, an increase of 26 deals since December could be an indication that despite the still uncertain economic outlook, BTL mortgage providers are keen to cater to these customers, says Moneyfacts.
In-house finance expert Eleanor Williams says: A note of caution however, as our data reflects the fact that the market remains volatile since the start of the New Year. Lenders have been adjusting their offerings and consequently availability continues to fluctuate – there are now 27 fewer mortgage products on offer than there were just a couple of weeks ago, and so those considering exploring a new BTL mortgage could do well to secure the knowledge and advice of a qualified adviser, to ensure they keep abreast of any relevant changes.
Another consideration for those who may imminently wish to secure a new BTL deal is the fact that average rates across the Loan To Value tiers are all currently in excess of their equivalents year-on-year, she says.
Williams states that both the two and five-year average fixed rates for all LTVs are now 0.10 per cent above their January 2020 equivalents.
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