Buy-to-let investors being declined
For all of those looking to invest in the buy-to-let property market you may have to rethink a few things as a survey taken out by the council of mortgage lenders shows that there where 37,000 new loans, worth £3.9 billion, down 12 on the third quarter, and 56 down compared with the fourth quarter of 2007.
The whole figure shows that the total gross mortgage advances are down 1.7 from that of 2007.
But its not all bad news many of the buy-to-let borrowers will now be benefiting from significantly reduced mortgage costs. As well as tenant demand still at a high in most areas landlords could see an increase to their net income. Although in 2008 2.3 of buy-to-let were over three months in arrears, meaning they had no one renting a property with a further 0.23 being over three months without renting a property out.
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February 27th 2009
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