28
Jan
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.