Mortgages for Business is offering a new 15-year fixed rate portable buy-to-let mortgage. It is claimed that this new mortgage product marks a shift by lenders in recognition that the buy-to-let market conditions are changing, with the market now dominated by portfolio investors who, according to Association of Residential Letting Agents (ARLA, have no intention of selling their property for at least 17 years.

Previously the maximum term available for a fixed rate buy-to-let mortgage was 10 years. The 5.99% 15-year product has been launched by specialist lender The Mortgage Works, and is offered through Mortgages for Business.

Jonathan Moore, head of marketing at Mortgages for Business, said: “This mortgage is rather clever as it is portable. This means that it can be moved between properties should an investor decide to sell and buy a new property.”

Mortgages for Business expects that the mortgage product will suit cash-rich or inactive investors who choose not to regularly remortgage properties in their portfolio in order to raise capital to fund further purchases. Remortgaging is the cornerstone of a portfolio building strategy allowing investors to release equity from capital appreciation to invest in further properties.