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16 Nov 2019

Go Direct Personal Finance News  2009

Buy-to-let deals fall by 82% in five years

Research by Business Moneyfacts has revealed that the number of buy-to-let products has fallen by 82% in the last five years.

Interest rates have also fallen over this period; fixed rates by as much as 1.00%.

 

Prime product availability
(deals on offer)

Average
variable rate

Average
fixed rate

Today

411

4.53%

5.03%

1 Year Ago

459

4.40%

5.16%

3 Years Ago

191

4.88%

5.80%

5 Years Ago

2265

6.23%

6.03%

Buy-to-let product selection

Lender

Rate

Rate Type

Period

Max LTV

Min Fee

Principality Building Society

3.89%

Variable

31/05/2014

60%

£999

Coventry Building Society

3.99%

Fixed

31/07/2014

65%

£999

National Counties Building Society

3.99%

Variable

3 years

70%

£995

 

Rachel Springall, spokesperson for Business Moneyfacts, said:

“As interest rates have fallen for buy-to-let deals, product availability and therefore choice has also dropped a staggering 82% in five years.

“Lenders withdrew many buy-to-let mortgage deals as they were seen as a significant area of risk during the credit crisis.

“Due to the larger deposits required for first-time buyers as well as the strict credit checks, many more people are opting to rent.
 
“This demand for rental properties has increased competition in the buy-to-let market, and the continuation of falling interest rates will be welcome news to prospective landlords.
 
“To date the competition has been focused around the price of a few products rather than a wide selection of products, which allow for other considerations, such as service and additional benefits.”

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

 

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