Buy to Let - Loan Rates Rise
Two buy to let lenders, Advantage and Edeus, both raised their interest rates yesterday, following the example of Northern Rock and Alliance & Leicester.Advantage's increase from 4.79% to 5.54% would add £1,500 to the annual bill for someone taking out a £200,000 mortgage.
The forecast increase could prick the boom in the buy-to-let market, which has surged over the past few years with investors disenchanted in the collapse of the pension system. There are an estimated 400,000 private investors in Britain, owning almost one million properties.
One leading buy-to-let lender yesterday predicted that others would be forced to put up rates.
If you're struggling to meet mortgage costs on your buy to let investment, call Quick Move Now 0800 068 3366. We can buy your unprofitable property quickly, often within 7 days, so you don't have to lose any further money.
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