3 Nov

Number of buy to let mortgages rise in Q3

Number of buy to let mortgages rise in Q3

The number of buy to let mortgages that were available during the third quarter of 2010 has risen from the previous three-month period, a report has found.

Paragon's Financial Adviser Confidence Track survey revealed that 43 per cent of mortgage brokers thought the availability of home loans improved for the quarter leading up to the end of September 2010.

The report also showed that 35 per cent of respondents predicted the buy to let mortgage market would improve further over the last quarter of the year.

Managing director of Paragon Mortgages John Heron said: "The number of buy to let mortgages has been rising in recent months as lenders come back to the market or new lenders are launched and criteria has also improved slightly."

He added that Paragon's buy to let mortgage products have been released in order to cater for professional landlords who might otherwise struggle to get property finance.

The new loans were brought in by Paragon on September 28th 2010 and include a two-year fixed-rate option at 5.3 per cent on mortgages of 65 per cent loan-to-value (LTV) and a five-year tracker at 5.05 per cent on loans of 75 per cent LTV. ADNFCR-1222-ID-800213775-ADNFCR

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