Saturday, May 16, 2009
Gamblers are locked out of the casino
Telegraph: Buy-to-let lending drops by almost 70pc
The number of buy-to-let mortgages approved fell for the sixth quarter in a row, down by nearly 70pc (year-on-year) in Q1 2009. The value of BTL mortgages was down 78pc. BTL accounted for just 6pc of all mortgage advances during the first quarter, down from 12pc a year earlier. Repossessions of BTL properties were also up sharply, with 1,700 investment properties taken over by lenders during the first quarter. A receiver of rent was appointed to a further 2,400 properties, enabling tenants to stay in their homes with their rent paid to the lender rather than the landlord. [Interesting final twist - are the banks turning into landlords?]
Posted by drewster @ 10:36 AM (473 views) Add Comment
4 Comments
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1. confused76 said...
this is a very big change at the margins of the market
and i cannot really see BTL accounting for 12% of mortgages anytime this century
a very welcome development
serves these b@st**s well
2. str 2007 said...
The number of mortgages advanced to investment landlords fell for the sixth quarter in a row to 22,400 during the three months to the end of March, the Council of Mortgage Lenders (CML) said.
Or should that read - 22,400 homes were taken away from young first time buyers only to be offered back to them at a higher cost than their own interest only mortgage would have been.
The first time buyers planned to be sensible and take out repayment mortgages but were priced out by greedy landlords using interest only mortgages, looking purely for capital gain.
The twist in the tail is that there won't be any capital gain.
3. Sneaker said...
WHY NOT 100%???
4. sneaker said...
What I want to know is WHY NOT 100%???