21 Sep

Buy-to-let lending products 'have improved'

Buy-to-let lending products 'have improved'

Landlords looking to purchase a buy-to-let property have been told that recent deals have improved.

According to Lee Grandin, the director at Landlords Mortgages, over the last three months there has been a boost in the market, with products having improved during this period.

His comments reflect figures released by Mortgages for Business yesterday (September 20th 2010), which revealed that there had been a rise of 396 per cent in the number of buy-to-let loans available at the moment.

Managing director of the firm David Whittaker stated that in May 2009, it only had 40 products on the system, compared with the 200 it has now.

However, Mr Grandin added: "While there may be more products on the market, I don't see one product that would encourage anyone to come off their current mortgage rate and switch to save money."

A greater variety of mortgage products could be good news for the market after the Council of Mortgage Lenders reported last month that there was an increase of 13 per cent in the number of buy-to-let mortgages taken out from the first quarter to the second quarter of 2010. ADNFCR-1222-ID-800074760-ADNFCR

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