Steve Olejnik, head of sales at Mortgages for Business said: “Next week sees another Bank of England Base Rate decision and with the Bank of England’s ammunition more or less spent, there is probably little point in reducing rates further. We will hopefully see the Quantitative Easing programme having the desired effect of slowly easing the credit markets over the coming months but for those borrowers waiting for rates to bottom out – now is the time to act!
“SWAP rates seem to have settled and we are now seeing a number of landlords take advantage of the fixed rates currently available for remortgages and purchases. Our most popular products appear to be a 1 year tracker at 3.39% (70% LTV), a 1 year fixed at 3.99% (70% LTV) and a 3 year tracker currently 3.99% (and capped at 5.49%). We are also seeing an increase in enquiries about our 5 year products – 5.4% at 60% LTV; 5.49% (Purchases) and 5.69% (Re-Mortgages), both at 75% LTV.
“Property investors looking to buy and refinance more niche properties such as HMO’s and Multi-Unit properties should talk to a specialist broker about the options available. Commercial terms are available at around 65% LTV and below and there actually some pretty good terms available for the right deal.
“In summary, if you are looking at your mortgage options now then please move quickly to access the current deals available.”