Monday, March 31, 2008
BTL investors currently paying an average 24% deposit (on a potentially depreciating illiquid asset)
Legal & General’s quarterly index has found that 57 per cent of residential mortgages were on fixed rates compared to just 35 per cent for buy to let. It also found that average loan to value for residential mortgages is 66 per cent versus 76 per cent for BTL. Average two year fixed rates were 5.87 per cent compared to 5.82 per cent for five year deals. The data is based on over 28,000 applications over the past three months.