Competitive mortgage rates
With lenders competing in the marketplace, mortgage rates remain competitive.
Less expensive borrowing costs mean that lenders are able to offer lower rate mortgages. However, borrowing may not remain this attractive forever. Getting a mortgage on an investment property now means you could take advantage of low interest rates. And, if you fix your mortgage repayments you’ve got the added reassurance of knowing what your repayments will be, even if the base rate goes up.
We’ve created a handy step-by-step to prepare for your mortgage application.
Rents have been increasing
While mortgage rates are at their lowest in recent times,1 UK rents continue to rise in almost every area of the country.2 With a buoyant private rental market, a brand new buy-to-let investment is an increasingly attractive prospect. At Barratt, we’ll help make the whole process of buying and letting as simple as possible.
Property values have been going up
The demand for property in the UK continues to outstrip supply. The average house in Britain will be worth £220,000 this year - up £9,000 on 20163 - which, combined with the low cost of borrowing, could make buying an additional property not only more affordable, but also a great investment for the future.
There’s a greater choice of buy-to-let mortgages
Demand for rented property remains high and there are now an increasing amount of lenders to choose from who will offer mortgages for landlords. Alongside the more traditional banks, such as Barclays and Lloyds, there are many new lenders, such as Precise or Fleet Mortgages coming to market offering a wealth of choice for either the professional landlord or first time investors.