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Lenders push out record number of first-time landlord mortgages

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  • 02/07/2018
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Lenders push out record number of first-time landlord mortgages
First-time landlords can choose from a record level of mortgage products, as lenders fight for new landlord entrants to the market, analysis showed.

 

The number of buy-to-let deals for novice investors has increased by 13% over the past year to 1,268, according to Moneyfacts data.

The rate on a typical two-year fixed-rate, first-time landlord mortgage has also edged down from 3.19% in 2016 to 2.83%.

Two years ago there were 929 of the loans available.

Charlotte Nelson from Moneyfacts.co.uk said: “Despite market uncertainty, providers are certainly not shying away from offering this risky group deals.

“Providers know all too well that many borrowers on their mortgage books will be coming to the end of their term and reassessing their deal, so they need to attract new business.

“As such, they’re enhancing their ranges and offering these extra deals to entice those customers who are new to the market, thereby breathing new life into their mortgage book.

“While multiple regulations and tax changes may have put some borrowers off becoming a landlord, it seems many are undeterred.”

As saving rates remain low, many people are still looking at ways of getting a decent return on their money and turning to bricks and mortar, according to Nelson.

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