Buy-to-let landlords under strain from mortgage rate rises
Soaring interest rates are piling pressure on mortgaged buy-to-let landlords, forcing some to consider selling properties or seeking higher-yielding homes outside the expensive regions of southern England, housing market experts say.
Like most banks and building societies in the residential mortgage market, lenders to landlord investors have withdrawn hundreds of fixed-rate loans in the days following last Friday’s “mini” Budget.
Nearly 40 lenders have pulled their fixed-rate buy-to-let products since the chancellor’s speech, according to buy-to-let mortgage broker Property Master. Angus Stewart, chief executive, said landlords’ dwindling choices in the mortgage market “would have a further impact on the rising cost of mortgages”.
This story originally appeared on: Financial Times - Author:James Pickford
