Tuesday, Apr 22, 2008
Buy to let mortgage lending officially died yesterday
Firstrung: Buy to let mortgage lending officially dead as Abbey calls time on industry
Abbey has finally withdrawn from the buy-to-let market in order to focus only on residential business. The lender says it is part of a re-organisation in order to keep rates in line with market moves...A release from the lender says the current residential range will be withdrawn at 10pm on April 21. Full applications must be submitted by this time in order to secure a booking on the product.
Posted by converted lurker @ 10:28 AM (451 views) Add Comment
6 Comments
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1. jack c said...
CL - Abbey are still in the BTL market as they will accept Branch business - brokers however are currently cut off - how are you finding things at the moment?
2. inbreda said...
BTL = subprime.
Best start changing the proportions of business given over to this activity. No-one will care about BTLers getting repo'd, so hopefully we'll see a lot more of them shortly. Time on market is increasing, number of properties on EA books is increasing, asking prices falling, selling prices crashing.... there is no saving this market now.
3. converted lurker said...
All very strange TBH Jack. Will the meek inherit the earth? (2 bed terrace at sensible multiples) Can only hope that once the dust settles, over a 3-5 year period FTBs win. However, far too many intangibles atm to make any sensible prediction. Looking at the decimation in the industry perhaps my longer term strategy will work out, mortgage industry should have never been allowed to grow to become the over bloated and ineffective beast it had become anyhow.
4. jack c said...
CL - thanks for the response - agree all very strange at the moment - survival mode springs to mind ! to pick up on your last point "mortgage industry should have never been allowed to grow to become the over bloated and ineffective beast it had become anyhow" - it is slimming down fast - I'm not talking about major lenders at this stage but specialists/packagers etc... Optoma being one of many recent casualties and (IMO) a lot more to come.
5. hpwatcher said...
BTL = vermin
6. Btl Rules said...
BTL = your landlord