Increase in Buy-to-Let mortgages.
Competion between lenders has increased due to a bouyant buy-to-let market, meaning better deals and lower rates on offer, according to Moneyfacts.
Charlotte Nelson, finance expert at Moneyfacts.co.uk, reportedly said: “The buy-to-let market is clearly booming; with rents at a high and buy-to-let mortgage rates dropping to historic lows, there is great potential for prospective landlords.
“The finding that the average two-year fixed rate has fallen by 0.37% in just one year is particularly good news for older borrowers who are looking to access their pension pots to invest in bricks and mortar.
“The increase in deals with no fee is a sign that buy-to-let lenders are trying to diversify and offer borrowers more choice than ever before. However, borrowers still need to weigh up the true cost of a mortgage to ensure the best deal is secured. Anyone thinking about entering this sector would be wise to seek the advice of an independent financial adviser to see if buy-to-let really is the best place for their investment.”