Enquiries for buy-to-let mortgages have increased by 50 per cent since August 2008, but the mortgage choice offered to landlords has declined. Lenders have withdrawn 70 per cent of their products off the shelves in the same period.
The cuts in the Bank of England Base rate have also meant that mainstream mortgage interest has come down by an average of 1.95 per cent in the past 12 months, but buy-to-let rates have only seen a 1.13 per cent drop.
My View:
Buy to landlords are suffering from a lack of banking cash flow. There is barely enough liquidity in the mortgage markets to meet the demand for domestic mortgages, so BTL mortgages are being priced to keep demand low.
One solution for one property landlords is to tranfer all or part of their BTL mortgage to their main home. You will need to have enough equity in your home to cover this. It has saved a few of my clients a considerable amount of money.
Do contact me if you need to discuss any aspect of finance on your BTL
0845 170 20 20. mob 07855 799 807 or email.http://www.usefulmortgages.co.uk/
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