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Over half of remortgaging landlords opting for five-year fixed rates

  • 30/11/2023
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Over half of remortgaging landlords opting for five-year fixed rates
Around 51 per cent of remortgage landlords are choosing a five-year fixed rate, which could be a sign of “restored confidence” in fixed rates, a lender survey has found.

Based on a Landbay survey, this is an increase of 11 per cent from April and is up from 46 per cent in December.

Prior to the mini Budget, around 68 per cent of remortgaging landlords chose a five-year fixed rate.

The proportion taking out a two-year fixed rate has remained stable at around a third over the course of the year, however, this is up from around a quarter in December.

There has also been a small rise in those choosing variable rate trackers at 13 per cent compared to four per cent in February. This is down from 17 per cent in December.

Only four per cent of landlords selected long-term fixed rates with seven to 10-year fixed rates, up from seven per cent in April and December.


Landbay: ‘Increased confidence in rate stability’

Rob Stanton (pictured), sales and distribution director at Landbay, said: “Our survey shows a renewed appetite for five-year fixed rates, demonstrating an increased confidence in interest rate stability.

“The increase in landlords opting for variable tracker rate products shows that some may be hedging their bets that base rates will come down sooner rather than later, while others may see these products as a temporary solution.

“At Landbay, we always track the market. In the past few weeks alone, we have made four reductions to our fixed-rate products.”

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