If you are a landlord then you may be interested to hear that according to some statistics released quite recently by the Council of Mortgage Lenders (CML) there has been a further increase in the amount lent by way of buy to let mortgages in 2015. We are sure you will agree that this is positive news for the investment property industry.
In 2015, gross lending by way of buy to let mortgages for new purchases totaled £15.6 billion. In 2014, the amount lent in this way was £12.4 billion and in 2013 the figure was £9.3 billion.
Buy to let gross remortgage business was £21.9 billion in 2015. In 2014, the figure was £14.5 billion and in 2013 the amount advanced in this way was £10.7 billion.
You would have to go right back to 2007 to find the figures for 2015 being exceeded when £23.1 billion was lent by way of buy to let mortgages for new purchases on a gross basis and £20.64 billion was advanced for re-mortgages using buy to let mortgages.
There are numerous lenders that provide buy to let mortgages to assist landlords purchase one or more investment properties to let out to tenants. Some of these lenders offer a number of packages so there is plenty of choice. This has to be good news for landlords as the more competition there is amongst lenders providing buy to let mortgages the better.
If you are an existing landlord or are considering becoming one then you may find it worthwhile shopping around to try to find the most attractive buy to let finance deal to meet your requirements. You can try to do this yourself which could involve committing a considerable period of time or you could use the likes of an independent mortgage broker to help you source a suitable buy to let mortgage from the many providers of such finance.