According to news from mortgage broker TBMC, buy-to-let mortgages are getting cheaper reporting a drop in average rates of 0.33% in the second quarter of 2013. TBMC stated that averages were as follow; fixed rate at 4.15% and variable at 4.35%.
The findings also highlighted a larger offering of smaller deposit buy-to-let mortgages, with many offering 75% and one lender, Kent Reliance, offering 85% loan to value.
London was once again the most popular area for residential investment according to TMBC, with 17% of their business being attributed to the area. Higher than average yields were reported in Leeds, Nottingham and Southend-on-Sea.
“This news is obviously a positive for the future. Knowing Leeds has been a hot spot is also a big bonus for Huddersfield” said William Taylor, Martin & Co Huddersfield (Letting Agent Huddersfield, Property management Huddersfield, Estate Agent Huddersfield).