Is the buy to let mortgage market making a comeback?
Whilst there are still only just over 300 buy to let mortgage products available, some 10% of the number available at the peak of the market in 2007, this is considerably up on the number available a year ago.
According to Moneyfacts there are real signs of improvements with rates falling and the number of lenders and products increasing.
There are now 54 active buy to let lenders, including Darlington Building Society and Paragon who have now returned to the sector.
The number of BTL mortgage deals available for landlords with a 20% deposit have seen a threefold increase in the last year, after dwindling away to virtually nothing the year before.
Michelle Slade of Moneyfacts.co.uk, commented “Lenders are returning to the market, bringing much needed competition back to the sector. The best deals will continue to be offered to those with a sizable deposit, but those with just a 20% deposit are starting to see more options available.
Rental income and tenant demand continue to rise due to an increase in people opting or needing to rent rather than buy.”
There is still much improvement required but perhaps there are now truly some green shoots to show the BTL market is making a come back.