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Buy-To-Let on the Rise

Buy-To-Let on the Rise

The number of buy-to-let loans being taken  out is at its highest level in four years. Around £1 in every £7 lent on  mortgages last year went to landlords — a total of £16.4 billion.

There are a number of reasons for this.  Falling house prices in many parts of the country have prompted existing  landlords to snap up more properties.

Banks and building societies, who are worried  about lending to ordinary homebuyers, are happy to lend to landlords, who are  viewed as less of a risk.

 
A new way to save: The average rental yield is 5.3 per cent in comparison to the best cash Isa which pays just 2.3 per cent

A new way to save: The average rental yield is 5.3 per  cent in comparison to the best cash Isa which pays just 2.3 per  cent

And, finally, hundreds of existing homeowners  are dipping their toe in to buy-to-let for the first time. Some are doing it by  keeping hold of their existing property when they move into a new home, and  renting out the old one. Others, who don’t want to move, simply spot a bargain  in their local area.

Experts believe these first-time landlords  are being motivated by the income that second homes can generate, and are hoping  to use this to bolster their savings and, ultimately, their pension..