Friday, August 18, 2006

BTL lemmings go bonkers

Landlord lending leaps to record levels

Buy-to-let borrowing set new records in the first half of the year, with lenders advancing 152,500 loans, worth £17.5 billion. Incredible!!

Posted by tinecu @ 09:44 AM (995 views)
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2 thoughts on “BTL lemmings go bonkers

  • >Typical underwriting criteria in the buy-to-let market remained unchanged, with an average maximum loan-to-value ratio of 85%
    >and lenders requiring rental income to exceed mortgage repayments by at least 25%.

    Interesting!!, I’m currently renting and I’m certainly not paying 25% above mortgage repayments and that’s even if he had put down a massive deposit. Maybe I’m lucky!!. And even better still the interest I’m making on selling my house pays for 70% of my rent.

    So come on you Dumb BTL’ers, lets get another 30% knocked of my rent so I can have a No cost housing life.!!!

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  • No doubt Phil and Kirsty have a lot to do with this, given their ludicrous programme earlier in the year giving wild and unsubstantiated estimates of future price growth!

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