Saturday, December 1, 2007
BTL, the UK subprime, is dead in the water
1,383 sub-prime buy-to-let deals available in July, now 149. Only four unknown lenders remain in the market. investors who need to remortgage may no longer be offered attractive rates and will be forced to pay the standard variable rate, pushing up their monthly outgoings by hundreds of pounds when rental yields are flat. The EA Savills: “Novice landlords might sell up when the going gets tough and if the cost of mortgages rise. Without a similar increase in rents they might not be able to make it pay" Yeah, tell me something new!!