10-Year Fixed Rate Mortgage Launched 'To Fill Gap'

THE intense competition in the home loan market has been underlined with the recent launch of a 10-year fixed rate buy-to-let mortgage. The Mortgage Works unveiled the only off-the-shelf loan at an interest rate of 4.99 per cent with a £995 fee. The mortgage is available to borrowers with a deposit of at least 25 per cent.

The loan echoes moves in the wider residential market to cut rates on long-term deals, as lenders try to appeal to borrowers wanting to lock in historic low interest rates.

The development was welcomed by Linley & Simpson as a way of offering buy-to-let investors extra choice to meet their individual needs.

Mortgage experts said the product would fill a gap in the market – with particular appeal for older investors looking for certainty for the last ten years of their mortgage term. Around 10 per cent of buy-to-let investors are looking for a longer term 'fix'. It offered an alternative to shorter-term loans, which suited those landlords who wanted the flexibility of being able to review and potentially refinance their borrowings.

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