Charles Haresnape, managing director of Aldermore Residential Mortgages, said: “Letting out an existing property rather than selling is an attractive option in today’s housing market.
“With rental yields continuing to rise in most regions homeowners can benefit from rising rental demand whilst at the same time being able to take advantage of lower house prices when buying property for their own use.
“We have seen growing demand for this facility and are delighted to extend our lending criteria to accommodate a let-to-buy option. Existing homeowners can remortgage their home using any Aldermore buy-to-let product.”
Recent figures from the Council of Mortgage Lenders confirm that both the number and value of buy-to-let loans have steadily increased over the first three quarters of 2012, rising from 32,300 loans worth £3.7bn in Q1, to 34,300 loans worth £4.2bn in Q3.
