In such uncertain economic and political times, it’s no
surprise that landlords are increasingly looking for longer-term fixed rates on
their buy-to-let mortgages.
Understandably, the majority of private landlords are
looking for greater security in the current climate, which may largely explain
why many are looking for longer-term fixed rates on their mortgages.
The Melton Building Society has found that fixing for five
years is particularly popular amongst landlords.
The cost of two, three and five-year fixed rate mortgages
has dropped over the past 12 months, with research showing that most landlords
are opting for five-year fixed rate buy-to-let deals.
Dan Atkinson, the Head of Sales and Marketing at The Melton,
are increasingly looking for longer-term fixed rates since they have reached an
The Melton has recently launched a new five-year fixed rate
deal, at 2.75%, for business buy-to-let customers with an interest coverage
ratio (ICR) of 145% of the mortgage payment, calculated on an interest-only
basis at 4%.
This new product has no application fee and a completion fee
The Melton offers a range of specialist buy-to-let mortgage
products, including holiday buy-to-let and family buy-to-let.
The building society accepts first time buyers, first time
landlords and non-owner-occupiers.
Atkinson adds: “The combination of a lower ICR calculation and fixed
rate on this product makes buy-to-let from The Melton accessible to a wider
range of landlords.”
If you’re a landlord looking for a buy-to-let mortgage, are
you increasingly interested in longer-term fixed rates? And are you one of the
many landlords that are choosing greater security by opting for a five-year
fixed rate deal?
In the current uncertain political and economic times, it
may be a wise move to lock into a favourable buy-to-let mortgage rate on a
longer-term fixed deal. Let us know your thoughts on investing in today’s