Monday, Aug 11, 2008
Mounting pressure on the BTL brigade
FT: Buy-to-let borrowers hit by scarcity of products
Mortgage products available for buy to let borrowers have fallen by 93 per cent in the past year, as the credit crisis continues to limit the number of deals in the market.
In the last 12 months, the total number of mortgage products available has fallen from 4,384 to 307.On top of the scarcity of products, those in possession of buy to let mortgages are also facing steeper interest rates on those mortgages that are still available, according to figures from price comparison site moneysupermarket.com.
The average rate for 75 per cent loan-to-value BTL products has increased by 0.35 per cent to 7.33 per cent in the past year, and by 0.63 per cent to 7.46 per cent for 85 per cent LTV products. The increase in interest rates may mean landlords will have to increase rents or find the sh
2 Comments
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1. mark wadsworth said...
All music to my ears.
2. paul said...
"Although there were no new rules, "it is more nudges and winks from the FSA", he said."
Well yes, and isn't it always nudges and winks rather than enforcing any rules? Let's not forget that's why we're in this mess ...