With first-time buyers struggling to get a foot on the property ladder and property prices continuing to fall in some areas, this represents a potential opportunity for both new and existing investors – a particularly attractive one given that yields are rising.
Today the buy-to-let mortgage arena is only a fraction of the size it was back in the heady days of the noughties. Lending criteria has tightened significantly and loan-to-values (LTVs) have been squeezed in the wake of the credit crunch. Additionally, a number of big lenders from the buy-to-let era have shut shop over the past three years. However, things have certainly improved of late, with some lenders emerging on the buy-to-let scene with innovative products to whet the appetite of the property investor.
SPF has today welcomed news that one lender in particular has launched a new range of buy-to-let products, available up to 85 per cent LTV, with rates starting from 5.24%. The range caters for first time landlords right through to experienced investors looking to grow their portfolios and products are available on both a buy-to-let purchase and remortgage basis. The lender has also reduced its rental cover to 120 per cent and new build flats are accepted.
With demand for rental property running high we expect more lenders to follow suit. For more information on this product, please contact SPF on 0870 900 7762.