Mortgage News
"Buy-to-let sector growing strongly"
July 2006 - Friday 7th July
The buy-to-let mortgage market is showing strong growth, according to figures.
Buy-to-let borrowers now account for 14 per cent of all mortgage activity, the statistics from mortgage provider Paragon show.
This is a rise in the buy-to-let proportion from six per cent in June 2001 and ten per cent in December 2004.
However the proportion of first-time buyers has dropped from 11 per cent to nine per cent, although the number of borrowers looking to find a mortgage to move up the property ladder has risen proportionally from 23 to 25 per cent.
John Heron, managing director of Paragon Mortgages, comments: " Financial advisers have benefited from the buoyancy of buy-to-let, particularly over the past 12 months.
"The proportion of advisers’ business represented by buy-to-let is higher than it has been for many years."
Mr Heron adds that although remortgaging levels have eased slightly, while first-time buyer activity is subdues, buy-to-let borrowing has followed a steadily upward trend for the past 18 months.
He concludes that landlords can build upon positive demographic trends.
These views echo those of UCB Home Loans, which recently claimed that rising rents and tenant numbers have made the buy-to-let market strong.
Source: Mortgages.co.uk
Buy to let borrowers account for 14% of mortgage activity in the UK (dated JUL 06)
© 2007 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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