Landlords who locked into a mortgage during the height of the COVID pandemic will reportedly be hit with the highest buy-to-let interest rates since 2015.
According to a report in The Daily Telegraph, landlords face paying more than £1,600 extra a year, while investors who remortgage will be hit with a double whammy of having to pay thousands of pounds extra in interest as well as funding eco-upgrades to their properties in line with regulations.
That’s because in May interest rates have risen from 3.22% to 3.4% for a two-year fixed buy-to-let loan product – the highest in seven years, according to analyst Moneyfacts – while the average five-year rate has increased for the third month in a row, up from 3.42% to 3.56%.
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