The monthly cost of a typical £150,000 mortgage at 50 per cent loan to value (LTV) fixed for two years fell by £12 per month between February and March, the firm noted. Two-year deals for the same loan amount at 65 per cent LTV fell by £3 per month while the cost stayed the same month-on-month for 75 per cent LTV deals.
Five-year fixed rate offers fell at a lesser rate.
The cost of a typical £150,000 mortgage at 50 per cent LTV fixed for five years fell by £6 between February and March and at 65 per cent LTV by £2.
Five-year fixes at 75 per cent LTV was the only category to see an increase in cost although that was only by £1 a month from £371 per month to £372.
Angus Stewart, Property Master chief executive, said: “Today’s good news on the cost of borrowing will be a boost for landlords just as yet another raft of regulatory and tax changes is set to bite.”
From 20 March the Homes Fit for Human Habitation Act will be extended. All tenants, not just those starting tenancies since the act was introduced last March, can take landlords to court if they feel their home is, for example, affected by mould, damp or too cold.
Courts will have the power to force works to be carried out and may award compensation.
In April, further regulation will be introduced that means landlords will need to demonstrate that all their properties have at least an ‘E’ energy efficiency rating or face substantial fines.