An increasing number of landlords looking to remortgage are now opting for five-year fixed mortgages, Landbay’s latest landlord survey shows.
There is a growing confidence among landlords as 51% of those looking to remortgage say they would take a five-year fixed rate. This is an 11% rise on April figure. It was 46% last December.
Landbay said that five-year fixed rates are regaining the popularity lost after the disastrous Liz Truss mini-budget last autumn. Before the budget, 68% of remortgaging landlords had opted for this type of mortgage.
However, the number of remortgaging landlords opting for two-year fixes has remained the same as in April. Almost a third (32%) said they would opt for a two-year fix.
This is despite the figure showing growing demand on last December when only 24% said they would choose this type of mortgage.