Interest Rates and Landlords
According to Moneyfacts, the average interest rate for a two year fixed rate mortgage has risen from 6.52% on 16 June to 7.07% on 7 July. Also the average three-year deal was up from 6.47% to 7.25% in the same period.
What does this mean for buy to let Landlords who had some glimmer of hope that rents were rising. At the end of the day if the banks, lenders and other financial institutions are not prepared to reflect the current base rate then Landlord’s stand to lose by a double whammy over the next few financial quarters by equity loss and rental yield-It really is a tough time for those involved in property at the moment, does it make sense to sell and rent as soon as possible? Some say yes yes yes.
Does this mean Sell Your Home Fast ? Probably ! Please download our free report. If you require a solicitor then we can recommend one.
Timely Property solutions Team
Interesting, I would not want to be a Landord right now!
Property prices in Ipswich have fallen significantly and the markets seems to be going nowhere but down. Agents tell me that property are simply not selling. The is the situation, yet Gordon Brown anounces today that the UK is in a better position to deal with the troubles ahead than most countries. Prices are falling, propertys are not selling, interest rates probably have to go up to curb inflation, I see trouble ahead!!