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BTL mortgage rates are on the up

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Average buy to let mortgage rates on two and five year fixed deals are on the up, the Moneyfacts portal has reported.

The average two year fixed buy to let rate for all loan to value offers went up by 0.03 per cent, from 2.89 per cent on the 1 January 2021 to 2.92 per cent on the 15 January 2021, said the firm. The average five year fixed rate on all LTVs increased by 0.02 per cent during the same period, rising from 3.27 per cent to 2.29 per cent.

At the same time, the number of available fixed and variable rate BTL deals fell by 27, from 2,003 available on the 1 January 2021 to 1,976 available on the 15 January 2021.

The fall in product numbers this year, along with the rise in average rates  shows how volatile the market is at the moment’ said Moneyfacts’ Eleanor Williams. There are still some highly competitive rates available but landlords looking to lock into a new fixed rate deal should consider acting quickly, she advised.