The Council of Mortgage Lenders has announced that gross mortgage lending declined to £11.4 billion in August, down from £13.3bn in July. The CML Chief Economist Bob Pannell commented
“We face the prospect of a difficult second half of the year. However the Bank of England is likely to keep interest rates at record lows for longer to support the economy. This will continue to alleviate payment pressure for borrowers”.
In other words if you have a mortgage it will not cost too much! The problem for buy to let landlords may be finding a mortgage in the first place. Lloyds Banking Group has decided that it will only lend to buy to let landlords on a maximum of 3 properties with a total debt of £2m per landlord. Previously the group would lend on up to 9 properties per landlord with a maximum value of £3m. At the same time one is hearing reports of strong demand from potential tenants. What is your experience of the mortgage market, especially for landlords at the lower end of the scale with perhaps just one or two let properties to finance?
If you are a landlord looking for a mortgage then you should also be looking for landlord insurance. Contact Click4quote.com or get a quote online.