Banks scrap buy-to-let deals

The number of available buy-to-let deals has plunged by a third since June as lenders withdrew 1,100 deals in two months, according to data from Moneyfacts. In July alone, the number of available mortgages fell by 14%. Experts warned that banks are ditching their best buy-to-let deals as rising interest rates squeeze their margins. Rates on buy-to-let deals have also rocketed. On August 1st, the average rate on a five-year fixed-rate buy-to-let mortgage was 4.49%, a jump of 1.33 percentage points from the start of February. Rates on two-year fixes jumped from 2.9% to 4.04%. As of August 1st, there were 2,375 buy-to-let mortgage deals available, compared to 3,484 at the start of February.

The Daily Telegraph (15/08/2022)