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Door Closes to First-time Buy-to-Let Mortgage Landlords

Housing-Market / Buy to Let Aug 13, 2014 - 04:32 PM GMT

By: MoneyFacts

Housing-Market

The choice of products available in the buy-to-let (BTL) market is in a period of what would appear to be unhindered growth.

Removed from the majority of regulation, the Mortgage Market Review and income multiples, the number of BTL mortgages has increased by 237 (52%) deals in just one year.


The number of products available to first time landlords in this sector has also increased by 147 (33%).

However, first-time landlords are being squeezed compared with borrowers with a proven history.

Sylvia Waycot, Editor at Moneyfacts.co.uk, said:

“The number of products on offer at 80% LTV has increased by 43% in just one year.

“The list of lenders offering BTL at 80% is empty of the big high street names, leaving the way open for specialist lenders to take control of this market, but also to take all of the risk.

“Because first time landlords do not have a proven track record for running a BTL business, they do pose a greater risk to the lender. Appetite for this risk is still lacking, which is borne out by the rise in the numbers of what would be attractive LTVs available to first-time landlords being restricted to borrowers with a previous BTL history.

“While the big high street lenders have turned their backs on BTL 80% LTVs, they have a large presence in the less risky 60% LTVs, making it harder for other lenders to operate in this arena with competitive terms, which is why only the Mortgage Works offers both 80% and 60% BTL LTVs.

“History seems to be repeating itself, only this time rather than ignoring the residential FTB market, it is the first-time landlord market that is being given the cold shoulder.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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