Number of buy-to-let mortgages on offer has doubled
The number of buy-to-let mortgage rates has doubled over the last two-years, according to Moneyfacts.
More banks and building societies plan to increase lending in this area and some intend to provide more buy-to-let lending than residential.
There are currently 486 buy-to-let mortgages available compared to 243 in February 2010.
Six lenders offer buy-to-let mortgages to investors with a 20% deposit, which is well up on the number available three months ago. The lenders include: Aldermore Mortgages, Leeds Building Society and Clydesdale Bank.
Aaron Strutt, a broker at Trinity Financial, says: “This is good news for landlords and investors. It demonstrates the growing confidence in the buy-to-let market. During the height of the credit crunch many banks thought buy-to-let was a high risk area and virtually stopped lending. Things have certainly changed.â€
One of the most competitive buy-to-let mortgages available through Trinity Financial is a two-year tracker rate at 3.49%. It has a £1,499 arrangement fee and the lender will pay the property valuation fee.
February 3, 2012