Buy-to-let rates on the decline
Buy-to-let rates are falling back after rising throughout much of the year, data from Moneyfacts shows.
Average 5-year fixed rates currently sit at 6.47%, down from 6.72% at the start of August.
Similarly, 2-year fixes now average at 6.66%, compared to 6.88% at the beginning of the month.
This reverses a trend seen over the summer, where rates have grown higher and higher, spurred on by repeated increases from the Bank of England.
Indeed, 5-year fixed rate buy-to-let rates rocketed from 5.52% in May to 5.76% in 1 June, before reaching 6.43% in July.
There’s a similar trend in the residential space, where 2 and 5-year fixes have fallen by 0.11% and 0.10% since the start of the month.