Jump in available deals for first-time landlords
The number of deals available to first-time landlords has risen to record levels, according to Moneyfacts.
The financial information provider noted that the deals have risen by a massive 13% since the start of this year alone, despite recent upheaval in the buy-to-let market.
It said that there’s now 1,268 first-time landlord products available compared to just 929 a year ago.
Rates have also come down from 3.19% a year ago to 2.83% today.
Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: “It is great news that first-time landlords have more choice than ever before, increasing by a whopping 339 buy-to-let products in just two years. Not only do first-time landlords have more choice, but they have also seen rates fall by 0.36% over the same period.
“While multiple regulations and tax changes may have put some borrowers off becoming a landlord, it seems many are undeterred.
“This is little surprise when many consider bricks and mortar as a safe bet. With savings rates low, many are looking to get better returns elsewhere. Also, while rents are high and mortgage rates for first-time landlords are still falling, the potential for a decent return is high.
“Potential investors should not get ahead of themselves however. Since September 2017, they face checks and questions about their finances and will need to do their homework to ensure they get the best deal.”