But what about first-time landlords? Is it all doom and gloom? Is it worth purchasing your first Buy-to-Let property when seasoned landlords are leaving the market? If you’re thinking about purchasing your first investment property and becoming a landlord for the first time then right now may be a good time to consider your options. The number of deals available for first-time landlords has reached a record high, according to figures from Moneyfacts. Over the past five years the number of Buy-to-Let mortgage options on offer for potential first-time landlords has more than doubled. In 2014 there were 645 deals on offer – compare that with a massive 1,405 deals that are available today! Providers are continuing to offer a wider selection of products amidst the current uncertainty in the property market. In the past year alone, product numbers have increased by 137 and two-year fixed rates now start below 1.5%, Moneyfacts states. As well as this, for those of you who would be looking to fix your rate for longer, you could benefit from a significant improvement in rates over the past five years. The average five-year deal for firsttime landlords has fallen by 1.16% since July 2014, down from 4.68% to 3.52% today.
This is why, when thinking about purchasing your first investment property and becoming a firsttime landlord and being faced with so many options and having a host of different products available, seeking professional advice can be invaluable. *Average deals and rates available correct as of July 1st