28 Jan

Increase in buy to let mortgages planned for 2011

Increase in buy to let mortgages planned for 2011

People wanting to become landlords in 2011 may see an increase in buy to let mortgage availability.

Almost half of mortgage brokers plan to increase their buy to let offerings in 2011 according to research by Paragon.

The final quarter of 2010 saw a 51 per cent improvement in availability for landlord mortgages, the intermediary has revealed.

Chris Town, vice chair of the Residential Landlords Association (RLA), believes it is important that the mortgage market is loosened to allow more home loans to be approved.

He said:"What is crucial is that the government indicates to banks that something they should be looking at in a positive way is lending to landlords and property investors."

More buy to let investors will help growth in other areas of the economy such as building maintenance and home furnishings, he added.

Statistics from Upad show more landlords are confident about the buy to let market in 2011.

More than 60 per cent of buy to let property owners said they were more confident in January 2011, showing an increase of 60 per cent from December 2010.ADNFCR-1222-ID-800372185-ADNFCR

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