The three new rates include a two-year fixed rate mortgage to 60% LTV from 3.09%, a two-year fixed rate mortgage product transfer from 60 to 75% LTV with initial rates from 3.79% and a four-year rate up to 60% LTV from 4.09%.
Phil Rickards, head of BM Solutions, said: “We are seeing increasing demand for mortgage product transfers and this set of rate reductions acknowledges this and provides further support to those landlords looking to switch their existing mortgage simply, quickly and cost-effectively.”
Meanwhile, a BM Solutions survey revealed 44% of landlords generated a gross income of less than £19,999 in the last year.
Landlords with smaller portfolios of one to four properties spent an average of £10,335 on BTL repayments in the last 12 months.
The mean average property holding for each landlord is 6.5 properties and total market value of the ‘average’ portfolio is £1,031,000.