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Wednesday, 14 January 2009 00:00 |
So another week in the 'exciting world' of buy to let mortgages and the two main events this week are:-
1. Base rate cut by 0.5%
2. Bank of Ireland and Bristol & West have left the intermediary market
Rates are holding pretty steady at the moment and there’s certainly no major rush of product changes (although this weekend there are going to be a few from the big lenders e.g. BM – in fact we have heard on the grapevine that BM may even be raising their rates in order to control volume - although considering the amount of rumours that are going round the industry at the moment then who knows?)
One interesting fact is that the amount of mortgage products available in Jan 09 has dropped by nearly 80% since the peak in Dec 07. These levels haven’t been seen since Feb 2002. Funnily enough I was advising in Feb 2002 and I don’t really remember thinking there weren’t many deals about.
We do have two 80% buy to let mortgages available at the moment however they are both not straight forward so rather than detailing them here I will leave it as a teaser and just say give the office a call and we will talk you through them.
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