Landlords urged to snap up fixed rate deals

Mortgages for Business is urging landlords to take advantage of low fixed rate deals before the base rate begins to climb again.

The buy-to-let and commercial firm says that as swap rates seem to have settled the company has seen an increase in landlord enquiries on five-year products for purchases and remortgages at 75% LTV.

Steve Olejnik, head of sales at Mortgages for Business, says: “Next week sees another Bank of England base rate decision and with the Bank’s ammunition more or less spent, there is probably little point in reducing rates further.

“We will hopefully see the quantitative easing programme having the desired effect of slowly easing the credit markets over the coming months but for those borrowers waiting for rates to bottom out; now is the time to act.”