17 May

Low interest rates on buy-to-let mortgages 'good news for landlords'

Low interest rates on buy-to-let mortgages 'good news for landlords'

People who have invested in buy-to-let property are benefiting from the low interest rates currently available on mortgages.

This is according to Malcolm Harrison, a private rental sector expert, who said that the good deals currently available to such individuals makes it easier for them to pay off their loans.

His comments followed the release of a statement by the Council of Mortgage Lenders, which suggested that the low rates are continuing to contribute to a modest improvement in buy-to-let arrears.

It found that at the end of March, the number of loans with arrears of more than 1.5 per cent of the total amount was 19,300.

This was a fall from the 20,700 recorded at the end of last year.

Remarking on the prospects of the industry, Mr Harrison said: "There is a growing demand for the rental market, particularly because first-time buyers can't get onto the ladder."

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