Every Friday we take an overview of the mortgage market with industry experts and round up the best rates from Moneyfactscompare.co.uk. Interest rates were back making headlines this week with the Bank of England opting to keep the base rate at 4.75%, and mortgage experts warning the decision could 'trigger some negative responses'. 'However, much will depend on the outlook for interest rates as to how much further lenders can cut.
In the meantime, mortgage rates are at least more stable and have finished lower at the end of the year than when it began.' As to what's happening on the ground right now, Moneyfacts finance expert Rachel Springall said the buy-to-let market has seen a mix of reductions and increases to fixed rate pricing over the past week. Furness Building Society reduced fixed rates by up to 0.2% and HSBC made increases of up to 0.25% on selected fixed deals.'Tax changes over recent years have impacted the buy-to-let market, so it’s not too unsurprising if some landlords are looking to sell up in the next two years,' she said.'There are numerous factors to consider before taking the leap into the buy-to-let sector, not just the cost of a mortgage. The margin of profit from rental income may well be tighter than expected, but property is still regarded as a safe long-term investment.' On buy-to rent mortgages, these are the best deals currently available...Moneyfacts also rounds up what it calls 'best buys', which look beyond the lowest rates and takes in incentives and fees..
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