In the last 12 months, the total number of mortgage products available has fallen from 4,384 to 307.
On top of the scarcity of products, those in possession of buy to let mortgages are also facing steeper interest rates on those mortgages that are still available, according to figures from price comparison site moneysupermarket.com.
The average rate for 75 per cent loan-to-value BTL products has increased by 0.35 per cent to 7.33 per cent in the past year, and by 0.63 per cent to 7.46 per cent for 85 per cent LTV products.
The increase in interest rates may mean landlords will have to increase rents or find the shortfall themselves.
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Tuesday, 12 August 2008
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