David Whittaker, managing director of Mortgages for Business says: “Landlords should realise that the majority of lenders for the foreseeable future will limit borrowing to around 75% of the property value. Options for funding above 75% will be limited with higher rates and stricter criteria at 85%.
If you are in the fortunate position to only require funding up to say 65% of the property value then better products are available. The good news is that there are products available”.
Despite headlines sensationalising the withdrawal of buy-to-let mortgage products, Mortgages for Business still has around 130 buy-to-let mortgage products available and this is likely to increase by the end of this week. As a specialist broker and packager in the buy-to-let mortgage market Mortgages for Business liaise closely with the main lenders in the market and so are best placed to advise landlords and brokers on the current options for finance.
As financial market volatility continues with the US congress finally agreeing the $700 billion bail out, and governments all over the world stepping in to shore-up financial institutions and guarantee customer deposits, there are signs that lenders continue to have an appetite to lend in the buy-to-let market.
Mortgages for Business will publish on its website, www.mortgagesforbusiness.co.uk new rates as they are released but warn all landlords and brokers to expect some chopping and changing in the days ahead!
David Whittaker continued: “Base Rate should come down by 0.25% on Thursday, although some are pushing for 0.5%. Fixed rates are easing so expect better pricing at the end of the week or early next week. If we have your details on our systems we can alert you to particular products as they appear”.
