December 7, 2011
Countrywide Urge More Lenders to Join Buy to Let Market
Countrywide, one of the UK’s largest buy to let mortgage brokers, has urged the big financial names to join the buy to let market after it was revealed that over 90% of all buy to let mortgages approved over the last 12 months were done so by just two lenders.
BM Solutions (a part of the Lloyds Banking Group) and TMW (owned by the financial giant Nationwide) are responsible for nine out of teninvestment property mortgages approved over the last 12 months; a fact that means they literally dominate the market. Although this doesn’t immediately cause a problem, it would result in a catastrophic effect on the buy to let market should one of the two lenders decide to withdraw from this form of lending.
Countrywide spokesman, Nigel Stockton, said recently “We say that it’s a very competitive market place but it’s not really. While we’re talking about the market doing well it is, so long as TMW remains committed and BM remains committed. We need big lenders like Royal Bank of Scotland and Santander to come and play properly”
Santander announced earlier this week that they would be entering the buy to let market within the next few weeks. Hopefully then this will see the start of a more competitive market and better deals.
