Buy to Let Lending Continues to Grow

The Council of Mortgage Lenders (iStock_000012341466LargeCML) has published data confirming positive growth in Buy to Let lending. More than 40,000 mortgages worth over £5bn were advanced in the second quarter of 2013, 19% higher by volume and 21% higher by value than the preceding three months and 19% and 31% respectively, year on year.

By the end of June buy-to-let mortgages accounted for 13.3% of outstanding lending in the UK up from 13.1% in the preceding quarter and 12.9% a year earlier.

The property investor market is an exciting arena with strong rental demand and surpressed property prices in many parts of the UK. Add to this an appetite from lenders for Buy to Let business and it is no wonder why we are seeing growth in this sector.  

With the announcement from the Bank of England confirming rates will stay low until unemployment rates improve, there is a confidence that rates will stay low for some time to come, therefore making borrowing increasingly more attractive.

We have also seen lenders shifting criteria to make buy to let mortgages more assessable to more applicants. BM Solutions have recently removed their minimum income requirement for Buy to Let mortgages and TMW (The Mortgage Works) now accept first time landlords on the same product ranges (up to 75% LTV) as existing and experienced landlords.

To find out more about buy to let mortgages, contact one of the team at Harvey Bowes today on 029 2115 6918

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE  

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About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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