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More buy-to-let deals for first-time landlords

More buy-to-let deals for first-time landlords

The number of buy-to-let mortgage deals available to novice landlords is on the rise, according to Moneyfacts.

The data analyst worked out there were 574 deals available to first-time landlords in April but there are 664 today, a 13% rise and 40% up on the 396 deals available two years ago.

Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: “With the sector lying outside of the MMR, it is unsurprising that the number of buy-to-let deals has risen to an all-time high.

“With 60,000 pensioners utilising the new pension freedoms, it’s highly likely that some of this money has been accessed with buy-to-let in mind. Savings rates are currently so poor that many are looking elsewhere to fund their retirement.

“Buy-to-let providers are seeking to capitalise on this new pool of cash and are now offering more deals than ever to first-time landlords.

“With high rents and mortgage rates at record lows, the potential for big returns is high; however, this may not be the case forever. With base rate likely to rise at some point in the future, it is essential for those thinking about a buy-to-let mortgage to secure one now while rates are low.

“Buy-to-let is not without its risks and anyone seeking to enter this sector would be wise to seek the advice of a financial adviser to see if this is the best route for them.”

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