"The change in the base rate has led to the average five-year fixed rate for a 75% loan-to-value buy-to-let mortgage falling below 4% for the first time"
The Bank’s new limited edition five-year fixed rate is available to individuals applying for buy-to-let mortgages on single residential units. Additionally, Aldermore’s limited edition term variable rate buy-to-let mortgage now comes with no product fee.
Aldermore’s new five-year fixed rates have seen cuts of up to 0.74%, with rates from 2.79% up to 70% LTV, 2.99% up to 75% LTV, and 3.25% up to 80% LTV (down from 3.99%).
The new term variable rate buy-to-let mortgage is available at 3.68% up to 75% LTV.
Charles Haresnape, Aldermore’s Group Managing Director, Mortgages, said: “The change in the base rate has led to the average five-year fixed rate for a 75% loan-to-value buy-to-let mortgage falling below 4% for the first time, and now is a great time for landlords to remortgage some or all of their portfolios.
“Buy-to-let as an investment continues to be underpinned by strong fundamentals, with tenants who signed up to a new tenancy during the month of August agreeing to an average rental increase of 3.1% year on year. Aldermore looks to support landlords wherever possible, and our recent product changes are a testament to our commitment to those in the buy-to-let market.”
