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 if buy-to-let deals shrank considerably as lenders saw it as a high risk area of the market," said David Barbour, managing director of Martin & Co Whitley Bay.
"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 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," Barbour 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.
If you are a landlord with a property to let in Whitley Bay call Martin & Co Whitley Bay on 0191 253 5666 to see how we can help you.
If you are a current or prospective landlord with a property to let in Newcastle upon Tyne visit Martin & Co Newcastle upon Tyne.
If you are a current or prospective landlord with a property to let in Cramlington visit Martin & Co Cramlington.
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If you are looking to expand your profile why not give the sales office a call on 0191 253 2070 and talk to Dee or Jan. At the same time we will gladly provide you with a rental expectation on the properties to help you decide that this is the investment for you. For more information on the development click here.
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