UK Buy-To-Let Mortgage Market Improving

 

A mortgage and financial expert has suggested that the availability of buy-to-let mortgage products in the UK is slowly improving.

Managing Director of LettingZone, Mark Garner, commented how there has been a slight improvement recently and this is likely to continue in the coming months, with competition among UK mortgage providers intensifying.

Mr. Garner's comments follow the publication of a report by Assetz, which revealed that buy-to-let investors with large cash deposits are starting to replace first-time buyers.

The research indicated that "risk-averse" lenders are returning to the buy-to-let sector and away from the high loan-to-values which are required by the majority of first-time buyers.

The expensive terms of many mortgages offered by new lenders is also unlikely to encourage people to remortgage, Mr. Garner also suggested.

"Banks don't really want to lend – they will lend to people they are really happy with, but they will charge them an arm and a leg to do it. There are huge margins that they are charging now – it is ridiculous," he added.


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