Buy-to-let investors 'should take advantage of fixed-rate mortgages'

Date:Monday 6th April 2009
Author: Susanna Kavka

Buy-to-let investors should make the most of deals currently available on fixed-rate mortgages, according to one expert.

Commenting on the issue, Steve Olejnik, head of sales at Mortgages for Business, said that the UK's base rate of interest is probably as low as it will get, meaning now is an ideal time to agree to a fixed-rate loan.

Currently, the base rate stands at 0.5 per cent and, according to Mr Olejnik, there would be "little point" in the Bank of England's monetary policy committee reducing it further during its monthly two-day meeting later this week.

In a word of advice to landlords, he said: "If you are looking at your mortgage options now then please move quickly to access the current deals available."

Recently, Andy Pratt, chief operating officer at Alexander Hall, also recommended that homeowners take advantage of competitive fixed-rate mortgages, suggesting that doing so would enable them to control their outgoings.