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First-time landlords have record choice of buy-to-let mortgage products available

Jamie Royston

The number of mortgage products available for first-time buy-to-let (BTL) investors has increased by 13%, to a record high.  This was the finding by research compiled by Moneyfacts, which found there are 1,268 buy-to-let products now available in the UK to first-time landlords.

The figure marks an increase in 339 buy-to-let products available in just two years, to those purchasing rental investments for the first time.

The Moneyfacts data shows that in July 2016, the number of first-time landlord products was 929. In July 2018, this figure stands at 1,268.

A fall in BTL interest rates

Alongside the rise in the number of products available, has been a fall in the interest rates in BTL mortgages during the last two years. For instance, the average two-year fixed rate for first-time landlords in July 2016 was 3.19%. The same product is now a significantly lower 2.83%.

Charlotte Nelson, a financial expert, commented on the buoyant outlook for first-time landlords needing to take out a mortgage to fund their property investment.

“Not only do first-time landlords have more choice, but they have also seen rates fall by 0.36% over the same period.”

Additional research from Accord shows that the number of first-time buy-to-let investors has doubled in the past 12 months, despite tax changes that are inherently unwelcome to landlords.

With interest rates dropping on buy-to-let products and the choice in BTL mortgages for landlords now bigger than ever, there is plenty of incentive for people to invest in bricks and mortar and enjoy a profitable income from buy-to-let.

If you are thinking about joining Britain’s burgeoning buy-to-let sector or are wanting to increase your portfolio of rental properties, Auction House London’s property auctions could be the perfect place to find your first or next buy-to-let investment.

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