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Research recently released by Moneyfacts.co.uk and Paragon Mortgages has indicated large growth in the Buy-to-Let sector (BTL).
 
The number of Buy-to-Let products on the market has increased by 42.7% from 466 to 665 since 2013, according to Moneyfacts.
 
At the same time, average interest rates charged for both fixed and variable deals have fallen to the lowest levels ever at 4.17% for the average fixed rate and 4.03% for the average variable rate, the website has reported. 
 
“Lender interest in the BTL market may be fuelled by the knowledge that it falls outside of the recent Mortgage Market Review,” said Sylvia Waycot, Editor at Moneyfacts.co.uk.
 
“This makes the process of granting any BTL mortgage quicker and simpler as it is not subject to the new affordability criteria that is starting to clog up the mainstream mortgage market.”          
 
“Ultimately this all points to the BTL market being here to stay and to remain attractive to lenders, hence the surge in products on offer for landlords who seem assured of a healthy supply of tenants,” she concluded.
 
Meanwhile, figures released by Paragon Mortgages for the period April to June 2014 are also extremely positive. 
 
The group reported Buy-to-Let advances for the year to date at £456.3 million, an increase of 94.25% compared to the same period the previous year, (£234.9 million at Q3 2013).
 
Commenting on the success, John Heron, Managing Director of Paragon Mortgages said: “The last quarter was very successful for the mortgage business and the wider Group. The buy-to-let business continues to grow, and the credit quality remains outstanding.”

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