Buy-to-let mortgage options spoiling landlords
The number of mortgage options available to landlords has drastically increased over the past three months alone, landlordtoday.co.uk reports.
According to new figures from Mortgages for Business (MfB), landlords are now spoiled for choice when it comes to lending options, which has prompted many to go on a veritable buying spree.
By the end of 2013, landlords had their choice of around 500 different mortgage options. Not only that, it was found that typical rates were also improving, not just the choice.
Looking ahead, this trend only looks set to continue, as just over January alone the total number of options on the table has risen even further to 550.
The MfB report also found that lending for brand new purchases took the largest share of mortgage lending over the course of Q4 2013, accounting for 47 per cent of the market. This represented a rise over the course of last year, as it was at just 31 per cent during Q1, before rising to 38 per cent between July and September.
MfB managing director David Whittaker told todaysconveyancer.co.uk of the results: "At the end of 2013, landlords could choose between more than 500 mortgage products - the figure today now tops 550.
"But that choice isn't just delivering cheaper deals - there are now even more imaginative and flexible financing options out there too - many of which feature some of the best yields. With demand for tenancies as strong as ever landlords are making use of a more buoyant situation to boost their portfolios."