Buy To Let: Business Is Booming
3 minute read
If you’re still debating whether a buy to let mortgage is right for you, the latest figures released from the Council of Mortgage Lenders should be enough to persuade you. They showed that in the second quarter of 2013, over £5 billion was advanced to landlords as part of buy to let mortgage schemes – 21% more than the previous quarter. Year on year, the statistics show a rise in value of around 31% – from £3.9 billion in the second quarter last year up to £5.1 billion this year. The results of this influx in buy to let lending are evident on the rental market, with George Spencer, executive of online lettings company Rentify, telling the Telegraph: “We are adding rental properties to our website at the rate of 600 a week and now have over 140,000 landlords and tenants registered with us.” He added “We expect the market to continue growing at an impressive rate in coming months.”
Demand Continues to Grow
Demand for rented properties is continuing to grow, as more and more people struggle to to get their foot on the property ladder and turn to renting as their only other option. But it could also be down to the surge of temporary and contracted jobs, as more members of the public do not wish to be tied down to one house in one area, for fear of changes in their work situation. Jackie Bennett, the Council of Mortgage Lenders head of policy said: “Growth is also being helped by improved conditions in funding markets and more widespread availability of mortgages. These conditions are creating more opportunities for landlords to re-mortgage, as well as helping to fund increased activity in the mortgage market more generally.” Here at Just Mortgage Brokers, we are pleased to see the positive news coverage that the sector is receiving. The upsurge in the market can only be a positive – with more options on the market for renters and more lenders supporting landlords with buy to let mortgage schemes. If you’re looking for a buy to let mortgage scheme but aren’t sure where to start, Just Mortgage Brokers can help. We are an independent broker specialising exclusively in buy to let mortgages. With access to a wide range of lenders, we can search the market for you and provide you with advice and support to help you make the right decision. So what are you waiting for? Make an investment for your future today. Call 0844 225 0078 or contact us online.