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Number of BTL Mortgage Deals Highest in Almost a Decade

Housing-Market / Buy to Let Sep 11, 2017 - 04:17 PM GMT

By: MoneyFacts

Housing-Market

Moneyfacts UK Mortgage Trends Treasury Report data, not yet published, shows that the number of buy-to-let (BTL) products has increased by 7% in just one month to reach its highest level since December 2007.


Charlotte Nelson, Finance Expert at Moneyfacts, said:

“The BTL market has had an understandably bumpy ride of late, considering all the regulation and tax changes it has had to contend with. Despite this, the market seems to be buoyant, with the number of available products reaching its highest point since the 1,942 products that were recorded in December 2007, almost a decade ago.

“The market has clearly recovered from the tougher affordability rules that were put in place on 1 January, when it saw a dramatic drop in the number of products available to landlords. Since then, the number of deals on offer has gone from strength to strength, culminating in a rise of 7%, the highest month-on-month growth Moneyfacts has seen in 2017.

“Despite reduced BTL activity* in the first quarter of this year, competition among lenders remains high as providers fight to retain their standing in a diminished market. As a result, rates have also fallen, with the average two-year BTL fixed rate down from 2.91% in August to 2.86% in September and another record low. This leaves borrowers looking for a buy-to-let mortgage today in a good position.

“Providers are now starting to get ready for further changes at the end of September, which will see lenders apply stricter standards to those with four or more properties. It is still uncertain how providers will choose to react to the new changes, but product numbers could climb as providers start to target their products to the two different types of borrower. However, despite this increased choice, rates might not improve.

“The extra pressure on the buy-to-let market could be a turning point, with the competition that is currently alive and well amongst providers perhaps starting to ebb as they shift their focus to ensuring the new regulation is followed.”

The Moneyfacts UK Mortgage Trends Treasury Report provides an in-depth monthly review of today’s changing mortgage trends, including all the relevant facts on the UK’s residential and buy-to-let markets.

*According to statistics from UK Finance.

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.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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