November 9, 2011
Barclays Spark a Revolution in the Buy to Let Mortgage Market
With more and more would-be first-time buyers finding it hard to raise the kind of deposits required by mortgage lenders the demand for private rental accommodation has boomed over the course of this year…and the banking giant Barclays look set to cash in with their new range of buy to let mortgages.
Barclays have recently made the bold move to increase their maximum loan-to-value on buy to let mortgages in a bid to bring more property investors back to the market. Whereas a few months ago the maximum loan-to-value was 60% now Barclays are willing to lend up to 75%. They have also introduced a number of what they call ‘best-buy’ deals – mortgage products designed to help novice property investors build up an impressive portfolio in a relatively short period of time.
The increased demand for rental properties has encouraged numerous other banks and building societies to introduce their own ranges of buy to let mortgages as well, many of which are aimed at veteran property investors looking to re-mortgage their buy to lets and expand. In the coming months it is thought that Santander, the Yorkshire Building Society and Metro Bank will all announce the release of their buy to let mortgage packages.
So regardless of whether you’re a seasoned property investor or you’re a first-time buyer it seems the buy to let mortgage market is currently in your favour.
