BUY-TO-LET mortgage rates are at record lows, so if you are considering investing in property
BUY-TO-LET mortgage rates are at record lows, so if you are considering investing in property - or improving your returns on a buy-to-let you already own - now could be the right time to take out a new mortgage.
“The mortgage market is extremely competitive and we’re currently seeing some brilliant buy-to-let mortgage rates for landlords,” comments Greg May, of Romans. “Romans landlords are offered a free no obligation mortgage review to ensure they’re getting competitive returns on their investment, and I am encouraging all investors to talk to an independent mortgage adviser to ensure they’re getting this.
“We recognise that not all landlords are the same, so whether you’re taking out your first buy-to-let mortgage or thinking of remortgaging your existing portfolio of properties to release equity and fund more purchases, we can offer expert advice on what products are available and guide you through the entire buy-to-let mortgage process.”
According to Zoopla last month, the average monthly asking rent for two-bedroom properties in Reading is Â£1,133, compared with Â£1,055 in Wokingham, Â£1,285 in Maidenhead and Â£986 in Camberley. A combination of low interest rates on buy-to-let mortgages and strong rental yields are encouraging more landlords to grow their portfolios.
In addition to the low interest rates on offer, landlords also have the added bonus of the stamp duty reforms. The new thresholds mean if you purchase a property for Â£275,000, you save Â£4,500 in stamp duty charges.