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Mortgage Works will launch a 55% buy-to-let line for new and existing customers that covers home purchases and remortgages tomorrow (March 30).
New products with 55% LTV include:
- Five-year BTL loan with a fixed rate of 4.09%, with a commission of 3%
- Five-year BTL deal with a fixed rate of 4.44% and a fee of £1,495.
- And a five-year BTL offer with a flat rate of 4.74% with no commission.
Landlord Mortgage Works Director Dan Clinton says: “We’ve seen growing demand in the low loan-to-value market lately, so we’re excited to be able to support landlords who have significant deposits. with competitive products.
Landlords have seen the value of their monthly payments on BTL mortgages rise 75.7% on average in the UK compared to last year, according to Octane Capital analysis.
The average BTL investor has borrowed £217,364 after making a deposit of 25% of the current average property price of £289,819, according to a specialist lender.
Average monthly interest-only repayments – a class of mortgage commonly used by landlords – rose to £964 a month, a 75.7% annual increase, or £415 a month.
However, fresh figures from Zoopla show UK annual rents fell by 11.1%, or an average of £1,078 per month, in the first quarter of the year, but the online property company adds that the cost of private sectors for tenants “will continue to grow.” grow.” Surpass earnings growth” this year.
The group says private sector rents have been “high for two years”, helped by a strong job market, high immigration and limited supply.
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