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Finance for buy to let property improving
The availability of mortgages for landlords is improving, according to one industry expert.
The managing director of LettingZone, Mark Garner, says that there has recently been a gradual improvement and this is likely to continue in the coming months, with competition between lenders becoming more intense.
He explained that banks are currently not doing well, and that the high costs of many mortgage products offered by new lenders is also unlikely to persuade people to remortgage. Banks do not really want to lend at all at present, and where they do they charge high fees.
Furthermore a recently published report by Assetz indicated that buy to let investors with large cash deposits are starting to replace first-time buyers. The report found that risk-averse lenders are moving away from the high loan to value mortgages which are required by most first time buyers, in favour of the buy to let sector.
Posted: 27 April 2011
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