The flat fees for buy-to-let mortgages are at their lowest point for twelve months, the Buy-to-Let Mortgage Costs index has revealed.
The index published by Mortgages for Business showed the average flat fee among buy-to-let mortgage products fell by more than 5% in Q2.
Steve Olejnik, chief operating officer at Mortgages for Business, said: “With interest rates still at exceptional lows, it’s all the more important to make sure you look at any additional charges when taking a buy-to-let mortgage.
“It is promising to see a reduction in the average flat fee charged for mortgage products.”
Percentage based fees now apply to 48% of buy-to-let mortgage products, having overtaken flat fees on product availability at the start of the year.
Just 11% of buy-to-let mortgage products carried no arrangement fees in Q2, down from 15% in Q1.