The cost of 2 and 3-year buy-to-let fixes reached 2.92% and 3.76% in January – the lowest rates ever recorded.
Mortgages fixed for five years rather than three are now more expensive for the first time since Jan 2015 at 3.77%.
David Whittaker, chief executive of Mortgages for Business, said: “Longer term swaps in particular have risen in recent months, so it’s no surprise that pricing for five year fixed rates have started to creep up.
“ However when looking at the bigger picture, these rates are still, on average, less than 1% more than their shorter-term counterparts.
“As such, we continue to recommend them to customers as they not only provide a longer period of security against rate rises in an uncertain market, they can also save landlords the time and money it costs in remortgaging more often.
“At the very least, landlords should consider having some properties mortgaged on longer term fixes to spread risk. The fact that these rates are beginning to rise now should prompt landlords to take action sooner rather than later.”
|Mortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now|
|Sell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad|
|Make Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>|
|How To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now|