New landlords on the rise
Some 22% of intermediaries buy-to-let business during the second quarter of 2013 came from first-time landlords, the Paragon Mortgages confidence tracking survey has shown.
John Heron, director of mortgages, said: “We have seen over the past two years a steady rise in the number of first-time landlords entering the market.
“It would seem that an investment in property is increasingly attractive against a background of low returns on cash and volatility in global markets.
“With perceptions shifting in terms of the improved availability of Buy to Let finance too, the lending industry is in a good place to support the ambitions of both new and experienced landlords.”
The percentage of cases from landlords looking to grow their rental portfolios increased during the quarter to 38% from 33% in first quarter, whilst the number of landlords looking to remortgage fell from 33% to 28%.
Intermediaries were also asked whether they had any cases of clients looking for Let to Buy mortgages and 9% reported that they had dealt with such cases.
More than half the intermediaries surveyed reported an improvement in the availability of buy to let finance, including 10% who said that, in their view, availability had improved significantly.
Article courtesy of Mortgage Introducer