2 year buy-to-let mortgages at record low

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.”


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