Buy to let mortgage market at war as companies drop rates
Building societies across the UK are increasing competition within the buy-to-let mortgage market after a number of companies dropped their rate levels.
Leeds Building Society has become the most recent to reduce its rate, cutting the cost of a two-year fixed-rate buy-to-let mortgage by 0.36 per cent to 3.99 per cent, marking a new market leader.
However, while this does represent a more appealing proposition for potential landlords looking to lease out property, Lee Grandin, director at Landlord Mortgages, believes that it will not help to stimulate the housing market.
Mr Grandin added: “These rates have just come in and that may be because the volume of business has dropped off and they want to keep up their levels.”
He went on to say that the likes of both Leeds Building Society and Coventry Building Society are making positive moves in the industry, but he predicts that the market will remain subdued in the near future.
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