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Lenders' flexibility 'key for investors'
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Lenders' flexibility 'key for investors'
30 January, 2007
Research by Mortgage Trust has revealed flexibility is a key factor for landlords choosing a lender.
Both small scale and professional landlords evidently have ambitions to acquire further properties, with 42% stating that they would choose a lender based on easy access to further funds, and over 35% stating they would make a decision based on there being no limit to the number of properties allowed.
John Heron, managing director of Mortgage Trust, commented: “Our research suggests that the majority of landlords expect to add to their portfolio over the next twelve months and that over 36% of landlords investing in the private rented sector would rather borrow from just one lender across their entire portfolio. This means lenders are favoured based on how accommodating they will be of potential acquisition of further property. The fact that landlords will borrow from a certain lender based upon potential expansion shows further proof that the buy-to-let market outlook remains positive.”
Heron continued: “Taking out mortgages on new properties can be a time consuming job and 41% of landlords surveyed stated that minimal documentation would make them favour a lender. Buy-to-let specialists have the experience and technology to provide the type of service that landlords require - such as mortgages based on rents and no limit to the number of properties – and do it with minimum effort to both parties. Research indicates that landlords require a service that is tailor made to their specific needs and specialist buy-to-let lenders are best placed to fit the bill.”
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