There’s a nice little piece from the Bank of England on differences in interest rates for different LTV rates and BTL loans. The point being made is that spreads have decreased sharply. In 2012, BTL rates were just over 5% and with a 40% deposit, you could borrow at just under 3%. The spread was approximately 250 basis points. In 2017, the comparable figures are approximately 2.65%, 1.15% and 150 basis points. The fact that the interest rate spread between 60% and 75% LTV ratio is now negligible seems to indicate a loosening of credit conditions. In relative terms, it’s not as clearcut. In 2012, BTL interest rates were less than double the rates for a 60% LTV ratio. They are well over double now.