LOWER BORROWING COSTS FOR BUY TO LET INVESTORS
The fact that the Bank of England has announced they have lowered the base interest rate to 0.25 % is great news for our buy to let investors- a much needed respite after the stamp duty increase earlier in the year. This comes after the longest period of no increase in interest rates in history between 2009 and last week.
It is predicted that stock levels will increase as investors seek to take advantage of lower interest rates which should give them cheaper mortgage repayments. We think those landlords who held off buying investment properties prior to Brexit will be having a change of heart.
Those landlords who are worried about this meaning there will be a swamp of properties into the market and applicants having too much choice- fear not- good quality properties are letting within days of coming on the market. Here at Oulsnam Lettings we have had a phenomenally busy couple of months seeing not only an increase in properties coming onto the market but also the number of applicants looking to rent.
It has been predicted that this time of extreme low in rates is set to stay in the UK property market for a while to come according to Peter Williams (Executive director of IMLA). Those on tracker deals will see a drop in their monthly payments and those who are in a position to re-mortgage will be a good position to find a good deal.
If you are thinking of exploring the buy to let market and would like some guidance, then please contact Laura Fiddes-Baron on 0121 445 7410 or email email@example.com.