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Landbay's latest landlord survey indicates a significant shift in preferences towards five-year fixed rate mortgages among remortgaging landlords. The survey revealed that 51% now prefer a five-year fixed rate, marking an 11% increase since April and a rebound from 46% in December.
This shift signifies a recovery in popularity for these mortgages, which had diminished following the Liz Truss budget last autumn. Before the budget, 68% of landlords had opted for this type. In contrast, the preference for two-year fixed rates remains steady at 32%, identical to April's figures but showing an increase from 24% in December. Additionally, there's a slight uptick in landlords opting for variable tracker rate mortgages, now at 13%, compared to 4% in April, though down from 17% in December.
Rob Stanton, sales and distribution director at the lender, interprets these trends as renewed confidence in interest rate stability and a strategic approach to market changes. Landbay has responded by reducing rates on fixed-rate products in recent weeks, aligning with market dynamics.
Call Trinity Specialist Finance to secure a mortgage on 020 7016 6151 or book a consultation
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