Buy-to-let boom powers ahead

Buy-to-let lending powers ahead 21% according to new data from the Council of Mortgage Lenders (CML) to a five year high.  The stats reveal £5.1bn was advanced to landlords to the end of June, up 21% on the first quarter.

It looks like us landlords are regaining our nerve and starting to put our hands back in our pocket.

Andy Young from Property Hawk Mortgages comments:

"During the first half of 2013 the buy-to-let mortgage market has continued to improve with more lenders and products for landlords to choose from. Increased competition has led to some very keenly priced rates being offered with a good selection of sub-3.00% products available from a number of lenders including The Mortgage Works, Mortgage Trust and Hinckley & Rugby Building Society – with some available even up to 75% LTV.

The remortgage market continues to provide opportunities for landlords looking to release equity in existing properties. In fact this segment of the market is thriving, with 49% of applications received by Property Hawk Mortgages during Q2 2013 being for remortgages.

There is a wide selection of products specifically for remortgages many of which include incentives such as free valuation or free legals. Mortgage Trust, Leeds Building Society and Godiva are good examples of lenders currently offering attractive remortgage deals.

Overall, the buy-to-let mortgage market is in good shape and there are plenty of options for professionals looking to purchase or remortgage properties. However, there is always room for improvement and it is important for lenders to facilitate financial solutions for landlords in order to continue meeting the demands of tenants in the UK."

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