Buy to Let Mortgages

GMAC-RFC breaks new boundaries with a new turbo-charged option across its buy to let range.

Scottish Widows Bank has announced a number of enhancements to its Buy-to-Let Mortgage including, increased borrowing limits, improved underwriting and reduced rates.

Bank of Ireland Mortgages (BIM) is expanding into the Professional Buy to Let (BTL) mortgage market.

A growing number of buy-to-let lenders are springing into action this year with the launch of products available to a maximum 90% loan to value, says Moneyfacts.co.uk.

Lee Tillcock, Editor Business Moneyfacts comments: “The recent base rate rises have seen concerns raised over the continuing sustainability and profitability of the buy-to-let (BTL) sector. It is worth remembering that rates are still close to historic lows and that the buy-to-let market still offers a sound long term investment.

Nigel Terrington, Chief Executive Officer of Paragon Group commented on today’s CML buy-to-let figures: “The strong growth in the buy-to-let market and the excellent credit performance of buy-to-let loans are testament to the strength of demand for private rented property.

A fifth of those planning to buy a home in 2007 will purchase their property as an investment, according to new research by Birmingham Midshires.

Mehrdad Yousefi, Head of Intermediary Mortgages at Alliance & Leicester: “Today’s CML figures on the spectacular growth of the buy-to-let market in 2006 reaffirms that it is now an established market.

330,000 buy-to-let mortgages, worth a total of £38.4 billion, were taken out in 2006, according to figures released by the Council of Mortgage Lenders.

UCB Home Loans has announced that it will be enhancing its buy-to-let rental cover calculation, with effect from 22 February.

Mortgages for Business, the specialist buy to let mortgage brokerage, reports that January has seen a number of buy to let mortgage lenders moving portfolio lending limits upwards.

Over two-thirds (70%) of all buy-to-let applications in December were for mortgage products under 75% LTV – a 23 per cent increase compared with the previous month indicating that 2007 could well continue to be popular for the buy-to-let market.

Buy-to-let landlords looking for low priced mortgage deals should beware the potential pitfalls of low interest rate products, which have hefty fees and charges alongside.

Mortgages for Business, independent buy to let mortgage brokers, has announced they are now able to offer offshore companies the ability to invest in UK residential property using a new exclusive range of buy to let mortgages.

Coventry Building Society has made significant improvements to its buy to let lending policy with immediate effect.