3 Dec

Buy-to-let income 'increasing thanks to rate cuts'

Buy-to-let income 'increasing thanks to rate cuts'

Buy-to-let investors have been seeing their income rise as a result of base rate cuts, it has been stated.

The Young Group of property portfolio managers has said the cuts in interest rates over the course of this year from 5.5 per cent to three per cent have led to those who took out tracker mortgages to fund their investments gaining a collective total of £1 million so far this year.

Young Group's chief executive Neil Young stated that the groups own mortgage company Young Finance "was advising investors to take tracker mortgages as long ago as last December".

The company has predicted more good news for investors as the Bank of England's monetary policy committee (MPC) is expected to lower the base rate again tomorrow.

A poll by Adfero last week found all 11 experts interviewed anticipating a cut of 0.5 per cent or more, with some suggesting it could be as much as one per cent.

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