BTL Mortgage Averages
TBMC's Landlord Profile Tracking Index reveals some average for BTL products, always a subject that interests many BTL investors. The average fixed-rate was 4.82 per cent in Q2 2011, down from 5.00 per cent in Q1 2011. The average tracker was 4.02 per cent in Q2 2011, down from 4.20 per cent in Q1 2011.
Andy Young at TBMC says, 'The index shows that average rates fell during the second quarter of this year, following the rise in the previous quarter. This reflects the weight of opinion in the City that any rise in the Bank of England base rate is likely to happen much later in the year than previously expected, and perhaps not until 2012.'
'The expectations of the City regarding interest rate rises are mirrored by the product choice of buy-to-let property investors during Q2, with variable rate products accounting for 59 per cent of applications received by TBMC compared with 41 per cent for fixed rates. Variable rates are also popular amongst landlords as they often present the most achievable rental calculations in the marketplace.'
Location, Location, Location
Location, location, location' is the key for some property buyers. It's not the sole criterion though, according to a new survey of home-owners by Santander. The top ten criteria for those looking for a new home are, in this order; Proximity to work; More space; Proximity to public transport; South-facing garden; Garage or car parking space; Proximity to green space; School catchment area; Proximity to shops; Access to a private outdoor area; Good investment potential.
Let To Buy Deals
Platform has just announced that it now offers its whole range of buy to let mortgages on a let to buy basis. The maximum loan to value on the let to buy property is 75 per cent, with a maximum loan value of £350,000. Let to buy products on offer include...
- 2 year fixed rates - starting from 3.79 per cent
- 4 year fixed rates - starting from 4.59 per cent
- 1 year tracker rates - starting from 3.59 per cent
- 2 year tracker rate - starting from 2.99 per cent
Free valuation is offered for both purchase and remortgages on all products with free standard legals offered on all remortgages. All applications are subject to a £89 non-refundable administration fee.
Iain Maitland www.ukpropertyalerts.co.uk
