September saw the company process over £150 million worth of buy-to-let mortgages for the first time, which took them to their annual target of £1 billion three months early.
The Money Centre has announced several record months throughout this year. The first in March saw the company process £104 million worth of buy-to-let mortgage applications and exceed the £100 million mark for the first time in its history. Since then, the company has achieved several record months. £126 million worth of buy-to-let mortgages were turned over in April rising to £136.4 million in August.
This increase shows enormous growth compared to 2004 when the average monthly turnover was £60 million which is a 155 per cent increase on the average monthly turn over for 2004, and a 47 per cent increase over the past six months since March.
Lynsey Scrivener, Marketing Director at The Money Centre, attributes this considerable sustained growth to increased activity with experienced buy-to-let landlords who are actively expanding portfolios and refinancing their investments.
Scrivener commented: “The Money Centre has seen a rise in the number of experienced landlords returning to do business with us, wanting to release equity in their properties, refinance and add to their portfolio. Experienced landlords are attracted back into the market because of new available low rates. As a large company, we are able to secure the best financial deals available for successful buy-to-let investment growth. Our nationwide tour of free buy-to-let seminars has also proven very popular throughout 2005 and generated new business for us.
The seminars have motivated a lot of clients to expand their buy-to-let investment and for new investors to work with us. The seminars are a great way of showcasing the guidance we can give to investors, based on the knowledge of the market we have accumulated over the past 16 years. We have also produced a handy 32 page buy-to-let guide, which has been distributed to all our clients and people who have expressed an interest in investing in the buy-to-let market. The guides, coupled with the seminars, have shown The Money Centre to be a company who provides guidance from first hand experience of the market. Many of our consultants are investors themselves, and therefore know what it takes to maximise returns. We are not in the business of making false promises of get rich quick schemes or creating property millionaires overnight and people appreciate that.”
“We are confident this growth will continue, and we are thrilled to have reached the £1 billion milestone three months early. Our recent landlord survey results has shown landlords have a positive outlook for the buy-to-let market over the next twelve months, with landlords looking to double the amount of properties in their portfolios this year.
"On average, landlords are planning to purchase three properties in the next twelve months, compared to just two in the same survey in 2004. And their outlook for the property market in general is also positive. An overwhelming 84 per cent of landlords are confident that property values and rents will increase, compared to 62 per cent last year.”
