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Buy-to-Let Sector Sees Surge in Mortgage Products to Highest Level Since September 2008

Housing-Market / Buy to Let Jul 28, 2011 - 08:13 AM GMT

By: MoneyFacts

Housing-Market

The number of buy-to-let (BTL) mortgages available has today hit 505, the highest level since September 2008.

The size of the BTL market has steadily increased since July 2009, when the number of products fell to just 189.


The rise in the number of BTL mortgages has resulted in much needed competition in the sector, which has helped to push down rates, despite no change in bank base rate for the last 28 months.

Mortgage Type

Average rate 2 years ago

Average rate 1 year ago

Average rate 6 months ago

Average rate today

Fall in average rate over last 2 years

Fixed

6.03%

5.78%

5.31%

5.05%

-0.98%

Variable

4.91%

4.90%

4.48%

4.34%

-0.57%

Source: Moneyfacts.co.uk 28.7.11

 
Michelle Slade, spokesperson for Moneyfacts.co.uk, commented:

“The number of BTL mortgages has increased steadily hitting 505 today, having fallen to just 189 mortgages in July 2009.

“In the last few years, a number of lenders have returned to the BTL market, giving a much needed boost to the sector.

“Lenders are currently offering a range of options for landlords, where as a few years ago some had just one deal available.

“Increased competition has driven down BTL mortgage rates, particularly on fixed rate deals where the average rate has fallen by nearly 1%, despite no change in base rate.

“Recent figures showed the average rental income has hit an all time high, making the BTL market extremely profitable for landlords.

“With rental demand continuing to increase, lenders will look to strengthen their presence in this sector.

“Moneyfacts.co.uk has seen a threefold increase in the demand for BTL mortgages since March 2010.

“The properties that landlords are buying are, in many cases, those that would also be a target for first-time buyers.

“This poses a further problem for first-time buyers, many of whom are already struggling to get onto the property ladder.”

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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