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FTBs benefiting buy-to-let mortgage market
29 April 2008
A lack of choice for first-time-buyers and high rental demand are indicators of a good 2008 for the buy-to-let mortgage market say mortgage specialists.
With lenders withdrawing or restricting the criteria for many of their mortgage products more people are turning to rented accommodation rather than getting on the property ladder.
A spokesperson for The Business Mortgage Company, told Introducer Today: "The key factors driving the buy-to-let market are still strong.
"There are rising levels of tenant demand as people wait to see what happens in the housing market before purchasing."
Landlords are now able to charge higher rent as the housing slowdown has guaranteed a regular flow of would-be tenants.
"This year could present some great opportunities for landlords looking to expand their portfolios – the current slow down in the housing market may enable landlords to drive genuine discounts off the true market value of properties and snap up some bargains," said the spokesperson.
Nationwide became the latest lender to restrict its mortgage products by doubling the minimum deposit required to ten per cent.
