Friday, 3 February 2012

Six buy to let lenders now offering 80% deals

Things are starting to look rosy on the buy to let mortgage front. Six lenders according to the data from mortgage Flow that are offering 80% LTV or above are: Kent Reliance Banking Services, Saffron Building Society, Leeds Building Society, Aldermore Mortgages and Clydesdale Bank.

Previously from 2008 to 2010 the highest possible LTV for buy to let mortgages was 75% so this is great news for those hoping to get on the buy to let ladder.

David Whittaker, manager director at Mortgages for Business recently said that this new results from the six lenders offer 80% buy to let products shows increasing confidence among lenders in the sector including Cavendish Ikin Cheshire Estate Agents.

He also said “Between them, there is a good range of products on offer from two-year discounted trackers to five-year fixed rates. Some even come with flat arrangement fees which really start to make sense for investors looking to borrow larger sums.”

Over the last year there has been an increase of 26% but to let mortgage deals available and double what there was 2 years ago according to Moneyfacts.

The current average interest rate is 4.79% down from 5% this time last year and 5.31% February 2012.

These latest figures should make pleasing and encouraging news for landlords and property investors.

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