Buy-to-let mortgages 'good news'
A new buy-to-let mortgage rate is set to increase competition among landlords and possibly boost consumer choice for rented homes.
The Mortgage Works revealed yesterday (May 10th) that it was to increase its loan-to-value on such deals to 80 per cent and for Lee Grandin, managing director of Landlord Mortgages, this is good news for the buy-to-let sector.
He said that lenders believe the market is settling down, which may lead to increased competition and "will certainly prove a step in the right direction".
However, the expert warned that this may not make a "significant difference" but could produce "some difference" for landlords thinking about expanding their portfolio to bring in new tenants.
If Mr Gradin's prediction of a boost to the buy-to-let market is correct, with perhaps greater choice available, more people might consider looking for property to rent in the London borough of Bromley or elsewhere in the UK.
By Ben Carter
Published 11th May, 2010
© 2010 Estates IT Limited
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