Keeping an eye on potential interest rate rise

2011-03-12T13:41:00.000Z

With a potential rise in interest rates predicted, many landlords are wondering what effect this will have on their mortgages. Malcolm Harrison, an independent property industry specialist, stated that while buy-to-let landlords will not notice much of a difference if interest rates go up in the coming months, those who were forced into the profession will. He pointed out that it will depend on the type of mortgage they have got out on the properties they are renting out to tenants.

"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," said Mr Harrison.

He added that many landlords are now looking at fixed-rate mortgages as when interest rates do rise, the tracker options will not be as attractive.

Interest rates have been at a record low of 0.5 per cent for two years and at the latest meeting of the Bank of England's Monetary Policy Committee, three members called for an increase.

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2009-11-19T15:36:00.001Z

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Keeping an eye on potential interest rate rise

Search for short term lets in South West London SW area with local letting agents