Buy-to-let market celebrates 18 years of lending
Paragon Mortgages has produced a report highlighting the 18th birthday of buy-to-let mortgages in the UK. It explains how the market has grown from a standing start in 1996 to £20.7bn of lending last year.
According to Paragon’s report, in 1996 there were 2.4 million households in the private rented sector and 18 years later this has more than doubled to 4.9 million.
John Heron, managing director of Paragon Mortgages, said: “Before the development of buy-to-let landlords had few options when considering how best to finance a rented property. The finance that was available was expensive and poorly matched to the customer’s needs. It was particularly difficult for new landlords to start to build a portfolio.
“Mortgage lenders work alongside landlords and the letting agency industry to make sure that renting privately provide safe, efficient and flexible housing for those that rely upon the sector for a home.”
If you would like help to secure a buy-to-let mortgage or to swtich to a cheaper rate, call Trinity on 020 7016 0790.
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