Now could be a great time to become a first-time landlord
If you have ever considered building a property portfolio as a landlord, now could be a great time to start your journey.
Information from a market-leading property portal indicates rents have risen at the fastest rate on record, and tenant demand has almost doubled. At a time when interest rates on traditional savings accounts are low, many believe it is a good time to invest in the property market. *
Lenders are evidently committed to supporting prospective landlords. A recent report from a popular money comparison site revealed there are currently 2,235 mortgage products on offer to first-time landlords, an increase of more than 70% than the same time last year.
A huge 64% of available buy-to-let mortgage products are catering to first-time investors and rates are attractive, allowing landlords to protect themselves against future rate rises by locking into a good deal with a fixed-rate mortgage. The average two-year fixed rate mortgage for a first-time landlord is currently 3.19%, rising to 3.47% for a five-year fixed product.
If you would like to explore buy-to-let properties and mortgage products which could lay the foundations for your property portfolio, call us today and talk to one of our team members.
*Property Reporter
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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