Buy-to-let income 'increasing thanks to rate cuts'
Buy-to-let investors have been seeing their income rise as a result
of base rate cuts, it has been stated.
The Young Group of property portfolio managers has said the cuts in
interest rates over the course of this year from 5.5 per cent to
three per cent have led to those who took out tracker mortgages to
fund their investments gaining a collective total of £1
million so far this year.
Young Group's chief executive Neil Young stated that the groups own
mortgage company Young Finance "was advising investors to take
tracker mortgages as long ago as last December".
The company has predicted more good news for investors as the Bank
of England's monetary policy committee (MPC) is expected to lower
the base rate again tomorrow.
A poll by Adfero last week found all 11 experts interviewed
anticipating a cut of 0.5 per cent or more, with some suggesting it
could be as much as one per cent.