The level of purchase buy-to-let loans at Mortgages for Business has increased steadily over the last six months, signalling that landlords are looking to cash in on house price lows.
Mortgages for Business has reported that in June purchase loans accounted for some 65% of buy-to-let business written by the firm, with the remaining 35% of buy-to-let loans for remortgaging.
This is a different picture compared with January, when remortgages made up of 45% of the broker’s buy-to-let transactions and purchases accounted for 55%.
David Whittaker, managing director of Mortgages for Business, says: “These figures indicate landlords are eager to capitalise on the downturn in the housing market.
“Buy-to-let landlords don’t want to be caught napping as an upturn gains momentum in the near future.
“Increased confidence in the buy-to-let markets suggests landlords expect the green shoots to take root in the foreseeable future.”
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