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Coronavirus Crisis first hit the UK economy, Moneyfacts.co.uk has reported.
But rates have also risen – to a two-year high, said the financial information provider.
There are now 2,333 BTL mortgage deals available to landlords, the highest number since March 2020, when there were 2,897 deals available. While this has resulted in more choice for landlords, average rates have also risen.
The average five year fixed rate now stands at 3.41 per cent; its highest since September 2019 when it reached 3.44 per cent.
The average two year fixed rate currently stands at 3.05 per cent, again the highest in nearly two years. In June 2019 it also stood at 3.05 per cent.
‘It is important to note that these are averages, and therefore while representative of the market as a whole, there are some very competitively priced products available, with some – depending on LTV and criteria – available at below 2 per cent’, said Moneyfacts’ Eleanor Williams.
‘Therefore, those who are hoping to refinance or take on a new deal would do well to shop around’.
One other reason is that some deals offer incentives, such as free valuations or ‘no legal fees’. Williams said these are becoming scarcer ‘although interestingly, the proportion of the market where cashback is available has increased, not only year-on-year, but by 8 per cent over the last month’.