A
mortgage lender's reduction in
mortgage rate is expected to encourage
buy to let mortgage holders to consider
remortgaging to a better
remortgage rate.
The Mortgage Works has announced that it will be reducing the mortgage rate on its
buy to let mortgage fixed over three years.
The new mortgage rate is 4.55 per cent fixed over three years, and has been cut from 4.69 per cent.
This mortgage rate, which is available via intermediaries from this weekend, is the most competitive mortgage rate currently available on
buy to let mortgages.
"Once again, The Mortgage Works leads this important market sector," commented the director of the
mortgage lender, Paul Howard.
He said that this mortgage rate offers buy to let mortgage holders "the opportunity to lock into an incredibly low payment rate combined with generous rental calculations".
It is expected that buy to let mortgage holders looking to
find a remortgage will be very interested in the new
remortgage rate offered by the mortgage lender.
"We feel that the outlook for the buy to let sector is positive with nothing to suggest a slowdown in the demand for rental
property on the horizon," Mr Howard commented.
He added that the recent interest rate cut has made taking out a buy to let mortgage more affordable, but that buy to let is a long-term
investment and not a 'get rich quick' scheme.
"But with low interest
rates, good affordability and no expected slump in house prices, we believe it’s an all round good long term investment".
