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Buy-to-let mortgage market blooms
Moneyfacts research has shown that the availability of buy-to-let mortgages has risen over recent months. There are currently 486 buy-to-let mortgage deals available, compared to 386 last February.
Buy-to-let product availability
February 2012 |
February 2011 |
February 2010 |
486 |
386 |
243 |
Source: Moneyfacts.co.uk 1.2.2012 |
||
As the availability of buy-to-let deals has increased, the average interest rate has reduced.
Buy-to-let average rate
February 2012 |
February 2011 |
February 2010 |
4.79% |
5.00% |
5.31% |
Source: Moneyfacts.co.uk 1.2.2012 |
||
Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “During the peak of the credit crisis the number of buy-to-let deals shrank considerably as lenders saw it as a high risk area of the market.
“Many aspiring homeowners have had their property dreams dashed due to strict lending criteria and large deposits, meaning the only option left is to rent. This increase in demand for rental properties has resulted in a degree of competition returning to the buy-to-let sector, giving it a well-needed boost.
“These latest figures, particularly a reduction in the average rate, should make pleasing and encouraging reading for landlords and property investors.”
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
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