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UK Buy-to-let Mortgage Market Blooms

Housing-Market / UK Housing Feb 01, 2012 - 05:17 AM GMT

By: MoneyFacts

Housing-Market

Moneyfacts research has shown that the availability of buy-to-let mortgages has risen over recent months. There are currently 486 buy-to-let mortgage deals available, compared to 386 last February.


            Buy-to-let product availability

February 2012

February 2011

February 2010

486

386

243

Source: Moneyfacts.co.uk 1.2.2012

As the availability of buy-to-let deals has increased, the average interest rate has reduced.

               Buy-to-let average rate          

February 2012

February 2011

February 2010

4.79%

5.00%

5.31%

Source: Moneyfacts.co.uk 1.2.2012

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “During the peak of the credit crisis the number of buy-to-let deals shrank considerably as lenders saw it as a high risk area of the market.

“Many aspiring homeowners have had their property dreams dashed due to strict lending criteria and large deposits, meaning the only option left is to rent. This increase in demand for rental properties has resulted in a degree of competition returning to the buy-to-let sector, giving it a well-needed boost.

“These latest figures, particularly a reduction in the average rate, should make pleasing and encouraging reading for landlords and property investors.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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