Industry News from Yes Insurance

Interest rate cuts are still not benefitting landlords, the National Landlords Association has said today in what could be important home insurance news.

Head of communications at the organisation, Simon Gordon, commented that recent base rate reductions did not seem to be passed on from banks and building societies to buy-to-let borrowers.

"At a time where rental demand is on the up across the UK, many professional landlords will be looking to expand their portfolios, thus providing much needed housing," he said.

Mr Gordon went on to say there is a strong demand for buy-to-let mortgage products but they are in short supply, meaning there is a risk of many tenants not having their housing requirements met.

He added it was now time for lenders to start to "play ball".

Today, it was announced the Bank of England's monetary policy committee voted to cut the official Bank Rate paid on commercial bank reserves by 1.5 percentage points to three per cent.

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