12-03-2008
Landlords benefit from "buoyant" buy-to-let market
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Buy-to-let mortgage holders are experiencing an upbeat market despite credit crunch concerns, it has been suggested.
Christopher Tanner, managing director of Blevins Franks Mortgage Services, said that the credit crunch means that borrowers with a poor credit history are likely to find it difficult to access cheap credit.
But while this paints a gloomy picture, Mr Tanner said buy-to-let mortgage holders are not as affected.
"It sounds very doom and gloom, but the buy-to-let market is actually very buoyant," he commented.
"Lenders are less worried about buy-to-let than anything else."
Potential buy-to-let mortgage holders are advised by Mr Tanner to do their homework before committing to a purchase.
They should also guard against over-extending themselves and ensure they get the right kind of advice when they purchase a property, he concluded.
New Council of Mortgage Lenders figures show that landlords held 179,100 buy-to-let mortgages in the second half of 2007.
This represented an increase of 7,300 from the first six months of last year.