Investors 'not checking buy-to-let mortgage market as often'

Date:Tuesday 7th July 2009
Author: Susanna Kavka

Buy-to-let property investors are not tracking the mortgage market as often as they have done in the past.

This is according to research conducted by the Young Group, which found that fewer than one in four residential property investors checked their mortgage options on a regular basis during the second quarter of this year.

During the same quarter in 2008, more than 80 per cent of such people were tracking their home loan options.

In addition, 65 per cent of investors were evaluating their mortgage options as often as once every three months during the second quarter of last year.

Responding to the development, Young Group chief executive officer Neil Young said: "With the base rate at such a low level compared [with] its long-term average, many people have stopped reviewing the different mortgage options available to them as regularly as they once did."

At present, the UK's base rate of interest stands at 0.5 per cent, although it is likely to rise when the economy begins to pick up.