Lending for buy to let mortgages is expected to increase over the coming months as lenders focus their attention more on landlords – and less on first time buyers and movers.
A number of high profile lenders have said they will be making available more funds for buy-to-let mortgages, including the Co-operative Bank and the Nationwide Building Society.
Speaking about the news The Mortgage Work’s Ian Andrew said: “While the volume of buy to let lending is nowhere near the volumes seen before the credit crisis began in 2007, last year’s buy to let lending reached more than £14 billion. This is an increase of 40% from the previous year and we expect it to rise again in 2012.”
New mortgage deals with low headline rates are now being offered by many lenders, in order to encourage people to switch to them.
Three new mortgages have been announced by the Skipton Building Society, while the Co-operative Bank’s buy-to-let arm, Platform, has cut its rates and Coventry Building Society’s Godiva lending business has issued a two-year capped tracker mortgage.
This is of course great news for many of our buy to let insurance customers who may be on the lookout for a better deal this summer.