Many Lenders Offering Relaxed Criteria For Loans
So the Government funding for lending scheme is in full flow and mortgage money is very cheap. Rates for both residential and Buy to let mortgages are at record lows and fixed rates are looking good value for money.
Along with lower Buy to Let rates, Buy to let lenders have relaxed some of their criteria in order to bring in new business, for example BM Solutions have taken away their minimum income requirements, Skipton Building Society will now lend on flats over 5 storey’s and several other lenders have made significant changes to criteria opening them up to more of the market.
Competition for business is back and in the Buy to let market this spurs on more relaxed criteria and a ‘can do’ attitude at underwriting departments, which is great!
The Buy to let market in the UK is busy. Nearly half of all new business in September was for Buy to let mortgages with Bristol & the South West enquiries in line with our London Buy to let mortgage enquiries. Good rental returns, reasonable property prices and a strong demand from both the professional and student sectors make Bristol a sound choice for investment.
Local building societies such as Principality over the river in Wales offer great terms for the standard Buy to let while other more bespoke lenders cater for larger HMO (House of Multiple Occupation) style Lets.
August is traditionally a quiet month due to holidays however we have been inundated with purchase enquiries. This would indicate to us that the market is really turning and if you are considering purchasing an investment property, do it soon.
For all of your Buy to let rates enquiries contact Fox Davidson in Bristol 01179 897950. London 0203 519 5590. Bath 01225 946606