We are moving steadily towards the end of another very successful year in the UK mortgage market where total lending looks set to be around £210bn. This inflated figure has been helped along by the fact that the buy to let market has increased dramatically and there are more lenders in the market. In the case of this type of lending, we have not only seen brand new lenders, but also the return of some of the old ones that stopped lending post credit crunch.
Interest rates are so low that mortgage lenders can’t really cut them any more in order to win business. Instead of fighting it out in a rate war, providers are looking for new markets or niche areas for lending.
Fleet Mortgages, and Shawbrook Bank, both relatively new specialist lenders offer the facility to do Buy to Let mortgages through a Limited Company (which has certain tax advantages).
Lenders are also more willing to so allow student lets, corporate lets, local authority and Housing Association Lets, which are often a “no no” to the mainstream lenders.
Lending on HMO’s (Houses of Multiple Occupancy) is also on the increase, The Mortgage Works, Adermore Bank, BM Solutions, Kent Reliance and Leeds Building Society all have competitive products in this sector of the market, which a couple of years ago barely existed.
Ex-Pats wanting to invest in UK property have had it tough, but both National Counties and Shawbrook Bank launched products for clients living abroad, assuming they have some sort of a credit profile in the UK.
If you are thinking of investing in a Buy to Let property, there has never been a better, more competitive market to enter. To speak to a Buy to Let Mortgage Adviser contact us on 01628 507477.
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