According to buy-to-let broker Jeff Irvine, some normality has returned to the buy-to-let mortgage market as lenders’ interest rates continue to decrease.

For many months the buy-to-let mortgage market has suffered from a drought of new products and high interest rates on those that were still available. Over recent weeks the market has seen some lenders begin to lower their rates and cautiously introduce new buy-to-let products. Woolwich, the mortgage arm of Barclays, recently reduced some of its buy-to-let mortgages by up to -0.5% and over a two-week period The Bank of Ireland launched five new products. Brokers have now started to offer a more positive outlook.

Jeff Irvine, a director with Mortgages Inc, told PIN: “Normality seems to be returning to the buy-to-let market. Lenders are continuing to drop interest rates and they are now at the same level as they were four months ago. Lending criteria is still strict and I do not believe the requirement for high deposits is going to change in the foreseeable future. High risk first-time landlords are still being kept out of the market but this opens the door for experienced landlords with larger deposits.”