Buy to let mortgage provider, Abbey for Intermediaries, has injected fresh hope into the buy to let industry by not only launching a new range of mortgage deals, but by lowering the interest rates on the rest of its mortgage products. Some products within the existing range have had their rates slashed by more than 1%, giving landlords and property investors a better chance of secure the finance they need to expand their portfolios.
It is thought that the introduction of reduced rates may have come in response to a recent survey conducted by the National Landlords Association in which 31% of the respondents admitted to struggling when it came to securing additional finance for further property investments – even though demand from tenants in the private rental sector still far outweighs the supply of quality properties.
Miguel Sard, managing director of Abbey for Intermediaries commented, “We are pleased to support intermediaries and borrowers with significant rate reductions across our range and the launch of a number of fantastic new deals.
“With rates coming down across our residential and buy to let ranges, and the same great rates now available to both purchase and remortgage customers across our new business range, we expect to see strong demand from intermediaries and their clients for these highly competitive new deals.”