Mortgage rates have been falling for weeks, but bigger falls have come for residential customers
Fr residential mortgages the rate has dropped 0.29 percentage points to 5.1 per cent, but for the buy-to-let equivalent, the rate has dropped just 0.2 percentage points, to 5.39 per cent The interest rates on fixed home loans have been dropping for weeks after falls in inflation and a cut in interest rates by the Bank of England.
For the average mortgage rate at 60 per cent LTV, the typical BTL rate was 4.93 per cent on 1 July, with the average residential rate was 5.06 per cent. But Nick Mendes, mortgage technical manager at John Charcol brokers, said greater competition among residential lenders was driving rates down in the sector.
“BTL mortgages are viewed as riskier due to potential issues such as tenant defaults or property vacancies, which can affect the viability of rental income,” he said.
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