Many people, including buy to let landlords, are looking at fixed rate mortgages in anticipation of an interest rate rise, a property expert has stated.
According to Malcolm Harrison, this type of UK mortgage offer is becoming popular with lots of individuals.
"It used to be that a lot of buy to let landlords in particular used to be on fixed rates. They then switched to tracker rates as interest rates fell," he explained.
"But obviously [these] may well go up by two or three per cent on top of the base rate."
This will not have a "significant impact" on buy to let landlords, but other kinds, such as reluctant or accidental landlords in London and other parts of the UK, may be more affected by a rise dependent on the type of mortgage they have.
"Overall, there shouldn't be a great effect because we're starting from such a low base rate. We haven't got these vast jumps that we used to have," added Mr Harrison.
Residential Landlords News
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