More than double the number of buy-to-let mortgage products are available now compared to this time a year ago. According to Terry Lucking of Belvoir Lettings Agency Cambridge in the first three months of 2010, an average of 142 products were available to buy-to-let investors. This figure more than doubled to an average of 298 products in Q1 2011.
“This rise is due in part to the entrance, or re-entrance, of four mortgage lenders to the market but”, says Terry Lucking, “can be attributed mainly to lender response to high demand from the investor market and an easing of lending criteria which has allowed for more diverse product ranges.”
Average loan to values for buy-to-let transactions are now at 66%, three percentage points up from the end of 2010 and six percentage points up from the end of 2009. There has also been an easing of criteria for Houses in Multiple Occupation (HMO) transactions with improved LTV’s.
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