19 Jul

Letting agents 'finding finance easier to access'

Letting agents 'finding finance easier to access'

Access to finance for landlords is getting better all the time, a property investment company has said, which could be good news for letting agents looking for houses for sale in Norfolk and other parts of the country.

Darren Owen, director at Property and Finance Solutions, said many lenders are back to 85 per cent loan-to-value on buy-to-let products now, which has rapidly improved the market.

"The criteria changes all the time. The lenders are starting to be a bit more flexible now," he said.

Recently, Paragon Mortgages reported that 47 per cent of buy-to-let mortgages processed in the second quarter of 2011 were for landlords looking to extend their current portfolios, which could be good news for letting agents.

Meanwhile, mortgages for first-time landlords totalled 21 per cent, up from 18 per cent in the first quarter, and the proportion of remortgages fell from 35 per cent to 28 per cent.ADNFCR-1222-ID-800626879-ADNFCR

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