Two new lenders reinforce the ARLA buy to let group

The ARLA Group of Buy to Let mortgage lenders has been joined by Bank of Ireland Mortgages and Cheltenham and Gloucester. They join GMAC Residential Funding, Mortgage Express, NatWest and Paragon Mortgages.

The Group sees itself as the custodian of the Buy to Let concept, first launched by ARLA in 1996 to encourage investors into the private rented sector. This was to increase the quantity and the quality of the housing stock available to rent following the recession of the early nineties.

As well as providing focus, independent comment and research, the ARLA Group educates potential investors about the true purpose of Buy to Let. This is long term investment in property with the help of specialist mortgages to provide rented accommodation through long term tenancies

Welcoming the two new members of the Group, ARLA Chief Executive Adrian Turner said, "It is a tribute to the status of the Group that two such prestigious lenders should join us at the beginning of our second decade."

Bank of Ireland Head of Sales, Kevin Purvey, said, "ARLA is the recognised authority among letting agents and investor landlords in the private rented sector. With our specific range of products tailored for the professional investor, Bank of Ireland Mortgages is delighted to be joining the ARLA Group."

Said Ian Whittaker, Head of Marketing for Cheltenham & Gloucester, "C&G understands the importance of the buy to let sector. This is both to the increasing number of people who choose to rent their homes and as an ever more popular option for those who see property as a secure and lucrative investment. As a lender seeking to help as many people as possible to achieve their goals, we believe that membership of the ARLA Group of Buy to Let Mortgage Lenders helps to give us a significant presence in the sector."

Buy to Let enters its second decade with forecasts by the Group that there will be 20- 30,000 new buy to let tenancies a year, over the next ten years. However, it is expected that demand for buy to let mortgages will grow faster than the number of tenancies as the sector is still relatively under-mortgaged.