Buy-to-let (BTL) fixed rates have dropped to their lowest point since September 2022, said Moneyfactscompare.
The independent financial information provider said that average fixed rates have fallen month-on-month, both over a two-year and five-year fixed term.
The average BTL two-year fixed rate is 5.49%, and the average five-year fixed rate is now 5.48%.
It means that landlord mortgage rates are now at their lowest level since September 2022, despite being at an all-time high only six months ago.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “It is possible fixed rates will edge up slightly in the coming weeks due to volatile swap rates, so those looking to refinance may wish to secure a deal quickly to not be left disappointed.”
Fewer products on offer
Rate may have fallen for landlords, but so too has overall BTL product availability, which is down month-on-month to 2,838, although this is still higher than six months ago.
Springall added: “A notable area of volatility in the market has surrounded product choice; the overall count has dropped month-on-month, but availability is up by around 250 deals compared to six months ago.
“The ebb and flow of deals makes it essential for prospective borrowers to seek advice to navigate the options available to them.”
