Why is buy to let finance problematic for so many landlords?
The National Landlords Association (NLA) have recently reported on their research which has revealed that a significant amount of landlords are being hampered in their efforts to expand due to difficulties accessing finance. The stats suggest over two thirds (67 per cent) of landlords rely on a buy to let mortgage to fund their portfolio, with 31 per cent declaring their interest in looking for additional buy to let lending or re-mortgaging.
This equates to approximately 300,000 landlords that want to expand their portfolio: good news for the housing sector as it is vital in meeting the ever increasing demand for housing. By providing more housing, it will give renters access to a larger variety of properties which can help to keep the cost of renting down.
The research goes on to look at why lenders are increasingly becoming too conservative with their lending criteria.
An interesting review, but our message at Belvoir! Sheffield is not to worry or make any assumptions and if you are looking at ways to increase your existing portfolio or are a first time property investor looking at the Sheffield buy to let market we would recommend that you speak to us as soon as possible, before you buy a BTL investment property in Sheffield.
We can help and advise you and ensure that you do not make an expensive mistake and you purchase an investment property that works for you and your objectives, its an offer with absolutely no obligation.
Belvoir! Sheffield is the one stop specialist for Sales and Residential Lettings and Property Management, Investment and Wealth Management Advice, Fit-outs and Renovations, Property Insurances and Mortgages. Belvoir! Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013 and is a multi award winning agency.
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