The buy-to-let market is currently "in bloom" with more mortgage products now available than at any time since the recession, new data from Moneyfacts.co.uk has revealed.
There are now 486 different mortgage products available for investors in UK buy-to-let properties, exactly double the number on the market just two years ago and a hundred more than at the same time last year.
"During the peak of the credit crisis the number of buy-to-let deals shrank considerably as lenders saw it as a high risk area of the market," said Louise Holmes, spokesperson for Moneyfacts.co.uk.
"Many aspiring homeowners have had their property dreams dashed due to strict lending criteria and large deposits, meaning the only option left is to rent."
This increase in demand for rental property has made buy-to-let an increasingly attractive investment opportunity, which in turn has attracted more lenders back to the market.
A wider range of products has also resulted in increased competitiveness, meaning those investing in buy-to-let in London and elsewhere in the UK can now benefit from lower rates than in recent years.
The average interest rate for a buy-to-let mortgage is now 4.79 per cent, Moneyfacts.co.uk found, down from five per cent 12 months ago and 5.31 per cent the year before that.
"These latest figures, particularly a reduction in the average rate, should make pleasing and encouraging reading for landlords and property investors," Ms Holmes added.
It follows recent data released by Mortgage Flow, a mortgage sourcing tool from Mortgages for Business, which revealed that there are now six UK lenders offering buy-to-let mortgages at a loan-to-value (LTV) of 80 per cent or higher, representing a vast improvement in comparison to the years following the 2008 recession.
Between December 2008 and May 2010 not a single lender offered an LTV of above 75 per cent.
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Below you will find just a few of the testimonials we have received from Landlords about our service:
‘I can sincerely say that my experience with Martin & Co has been superb. The quality of service, communication between Martin & Co and the Landlord, the speed at which all the issues were dealt with were exceedingly satisfactory. The attitude of the staff has been very positive- everyone was helpful, friendly and very pleasant to deal with. I would recommend Martin & Co to anyone wanting to let out their properties quickly and in an exceptionally professional manner.’
Mr Manarakis (Landlord)
‘My experience with you is definitely a positive one. Any queries are quickly responded to and usually attention that is required at the property is initiated with very little hassle on my end. I appreciate having the property looked after with minimal contact from yourselves, as I usually have a lot else on my mind. ‘
Miss Trimble (Landlord)
‘I can genuinely say that the service that I have received over the years from Martin & Co has been nothing less than excellent. Everyone that I have had to deal with in the office has been very friendly, approachable, knowledgeable and professional. I have no hesitation in recommending your office to anyone who needs a letting agent and Martin & Co will be my first choice when I need to let out another property. I look forward to dealing with you in the future. Thanks’
Mr Murray (Landlord)
‘I have been a landlord through you for the past 4/5 years. Recently I have noticed a remarkable improvement on the service given over the years and I feel your team really is at its best just now. I am fully happy and glad to rent my property through you. I always get friendly service and people get back to me when they say they will. If I incur expenses on my property due to maintenance or services I am always notified in advance. Well done everyone!!’
Miss Hoskins (Landlord)
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