23 Feb

Buy to let business hits 3-year high

Buy to let business hits 3-year high

People looking for houses to rent in the UK could find more properties available in 2011.

Broker buy-to-let business hit a three-year high in the final quarter of last year, according to Paragon.

The landlord mortgage specialist has revealed that buy-to-let investors took the highest share of brokers' overall business in the final months of 2010.

Buy-to-let home loans accounted for more than 20 per cent of mortgages arranged by intermediaries, the higher proportion since the third quarter of 2007.

John Heron, managing director of Paragon Mortgages, says buy-to-let is an important source of business for brokers.

He said: "Nearly one in five households will live in privately rented accommodation by 2015 ... and the sector will obviously require buy-to-let finance to facilitate that growth.
Competition and innovation in the market will increase throughout the coming year, he added.

Landlords buying houses for sale in the UK to let to tenants could benefit from a range of new mortgages.

The National Landlords Association (NLA) has introduced new home loan deals offering fixed and variable interest rates.
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