Saturday, October 4, 2008

“A lack of buy-to-let products will dampen the housing market” + “the end of self-cert in the UK”

Brokers fear buy-to-let drought

Mortgage brokers have raised concerns over the future placing of Bradford & Bingley's buy-to-let customers and fear that a funding drought will affect the whole market. The Government has confirmed that it will be running down the B&B and Mortgage Express books, much like in the case of Northern Rock.This week, The Mortgage Works pulled its entire range temporarily in reaction to unprecedented demand. HBOS also withdrew much of its range temporarily.Moneyfacts has revealed that the number of buy-to-let products dropped from 662 to 481in the first two working days of this week.

Posted by jack c @ 04:49 PM (430 views)
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2 thoughts on ““A lack of buy-to-let products will dampen the housing market” + “the end of self-cert in the UK”

  • It’s surprising the way some postings get loads of comments and others that are very topical, like this, hardly get a mention.

    This article is excellent news for FTBers. The harder it is to get a BTL mortgage, the better chance FTBers will have when prices get down to sensible levels.

    Off topic: I noted your response to my ‘doomster’ comment on the thread removed yesterday. Sorry if I caused any offence. It was intended to be a light-hearted comment.

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  • @quiet guy – no problem, I figured what you meant by “doomster” (or at I least I made my own intrepretation)

    This is (IMO) a highly relevant article because those that have BTL portfolios are really gonna struggle to re-mortgage them and this means they will face higher mortgage costs which in turn makes the BTL business proposition even more unfavourable and so the downward spiral continues.

    FTB’s will in due course be picking up BTL identikit boxes (if they want them that is) for around £20k at auction.

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