Welcome to week 10 of the Blog Posts.
The increased base rate last year led to mortgage rates drastically increasing. However does the worst of this seem to be now over?
As the year has gone on, we are seeing mortgage rates on the decline. This is good news for landlords that were left worried last year when their property portfolio was seeming to not work financially for them anymore, when they were facing huge increases at re-mortgage. Some landlords left the industry altogether, whilst others seriously considered this.
Our in-house mortgage advisor has advised they are now able to secure BTL mortgage on rates as low as 4.39%. A healthy decrease on where they were at the back end of last year. This shows no signs of slowing down also, as they look to be creeping down week on week. The key is having a good mortgage advisor who has access to the best deals out there.
If you are a landlord with mortgage coming up for renewal soon, you need to be having conversations with mortgage advisors to assess your options. Equally if you put off securing a property in recent months due to these higher rates, now is the time to get back in the market and lock in these lower rates. I feel we are in for some stability on this front now, as the market crash that was feared is not as bad as first thought.
For a free chat with our mortgage team to find out what options you have, please do reach out to myself. If you have a good rate currently, however your profits are not where they should be, it could also be the time to re-visit your rental income across your portfolio. Please do give me a call on 07384 810881 or contact me at liam.foster@julianwadden.co.uk
Buy to let pick of the week
This week, my buy to let pick of the week is a two bedroom, end-terraced property on St. Matthews Road in Edgeley. Being sold via auction on Wednesday 29th March, by Mchugh & Co. Guide price of £75,000, click here to see the Rightmove link.
There are no internal images of the property, which is usually the way with these auction properties, as you can almost guarantee they require a full refurb. However there is certainly a lot of scope with this property given current rental demand in the Edgeley area. If purchased at the right price and dependent on the works required, there could also be money in this property as a flip opportunity.
Make contact with the marketing agent direct if this property would be of interest and give me a call on 0161 474 8668 or 07384 810881 to discuss the rental of this property and others in the area in greater detail.
Many thanks,
Liam Foster – Lettings & Investment Manager – Stockport
