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Property investors urged to track mortgage rates
Investors have been urged not to take their 'eye off the ball' when it comes to bagging a good mortgage deal while the Bank of England base rate is relatively low, at 0.5 per cent.
Neil Young, Chief Executive Officer of property management firm the Young Group, said the low base rate does not mean dropping on to a lender's standard variable rate at the end of a mortgage deal is necessarily the best option.
"Arguably, now is the time to be paying more attention to the mortgage market to avoid the risk of losing out when base rate inevitably rises in the future," Mr Young argued.
Research by Young Group found that fewer than one in four residential property investors are tracking their mortgage options regularly, compared with more than 80 per cent who were doing so this time last year.
This trend could prove costly for property buyers, Mr Young said. "Rates for new mortgage products can change rapidly and to make the best of their own specific circumstances borrowers need to keep on top of the market: The deals with the most attractive rates and criteria are often fully subscribed within just a few days of being released."
Last month David Salusbury, Chairman of the National Landlords Association, said rapid action from lenders to repossess properties owned by buy-to-let borrowers will not cause the problems of social housing and homelessness to disappear.
He added: "The UK needs a strong rental sector and this article makes a clear case for offering landlords sufficient space to try and deal with their financial problems."