The average variable rate chosen for mortgage offers processed by TBMC during the quarter was 4.25% and the average fixed rate was 4.15%. It seems that landlords are taking advantage of the availability of attractive fixed rate deals, as 56% of offers processed by TBMC during Q3 were for fixed rate products.
The competitive finance currently on offer for buy-to-let property investors hasn’t gone unnoticed by existing landlords either, with many choosing to remortgage current rental properties, as evidenced by 52% of the mortgage offers processed during the quarter being for remortgage products.
Andy Young, Chief Executive of TBMC, comments on the Index’s findings:
"The buy-to-let mortgage market has been stable throughout the year so far and brokers can feel confident about sourcing some competitive products for their landlord clients. Tenant demand remains high supporting good rental incomes for landlords and resulting in strong average rental yields. These trends underline the opportunity that the buy-to-let sector offers for property investors and with careful research before choosing a property, it could deliver excellent returns."
