THE buy-to-let mortgage market has traditionally been an uncompetitive one. This was mainly due to the fact that there was little or no choice when it came to the schemes available.

Traditionally only the larger lending facilities offered buy-to-let mortgages as they were the only ones willing to take on the increased risks involved in multiple occupancy properties.

Owing to the shift in the buy-to-let market in general, more lenders have decided to offer a buy-to-let scheme to ensure they keep up with the increasing business opportunities. This in turn has fuelled the rates, and due to the increase in choice available, has pushed interest rates down.

We are now faced with a whole new “improved” range that offers lower rates, more facilities like flexible over/under payments and lower fees. In fact there is now a re-mortgage rate on the market that offers a fixed rate for two years, is self-certified, has no arrangement fee and refunds the survey fee! I had to ring up the company concerned to check it wasn’t a mis-print!

We are now becoming a nation of rate hoppers when it comes to our main residence, but do not seem to follow suit when it comes to our investment properties. Having worked in Kent for some time now I have dealt with many clients who have purchased buy-to-let properties. Most of these clients have arranged draw down facilities with their Bank for their previous mortgages due to speed and convenience. This means however, that for that speed and convenience you are paying on average an extra 1 per cent.

There are still some good rates available at the moment, despite the recent interest rate rises, so why not take a look at your existing portfolio of interest rates, because the money you can save could be wisely invested elsewhere.