Abacus Daily Debt News

Buy-to-let property owners ‘not shopping around for new deals’

People in the buy-to-let housing market are showing less of a propensity for finding better mortgage deals, one expert has suggested.

Neil Young, chief executive officer of portfolio management organisation Young Group, said that the Bank of England base rate is causing consumers to neglect their mortgages at a time when it is vital they keep themselves updated on developments.

He remarked: "Rates for new mortgage products can change rapidly and to make the best of their own specific circumstances borrowers need to keep on top of the market."

The best mortgage offerings are generally snapped up by early birds within days of being revealed, Mr Young added.

According to recent research compiled by the firm, 24 per cent of residential property investors check their mortgage choices at least once every six months compared to four-fifths in 2008.

In related news, Michelle Slade of comparison site Moneyfacts suggested that individuals are becoming increasingly concerned with the possibility of a rise in interest rates.

By Francis Finch