Lending criteria relaxed for best buy to let mortgage deals.
More investors are looking for the best buy to let mortgage deals as lending criteria is relaxed by mortgage providers.
The prospect of rising rental income is proving very attractive for both home-owners wanting to enter the buy to let market and investors wanting to expand their portfolio. Lenders are catching on and competition in the buy to let mortgage market is intensifying.
According to the Council of Mortgage Lenders, the number of best buy to let mortgage deals granted by lenders to private landlords, increased by 16 per cent in the second half of 2011. Statistics from LSL property services show rental prices have increased by around £50 a month since 2008, which is very appealing to buy to let investors.
Competition in the buy to let mortgage market has increased as more buy to let investors want to take advantage of weak property prices and strong rental returns.
The Yorkshire Building Society recently announced a relaxation in their lending criteria for buy to let investors. They dropped the minimum property value from £150,000 to £100,000 and reduced the minimum income requirement for an applicant to £20,000.
Jeremy Law, head of buy to let at Yorkshire Building Society stated that, 'we do not see ourselves as dipping in and out of the best buy to let mortgage deal market, we are very much here to stay and will be an active lender in the market all year round'.
Deal Direct can help you get the best buy to let mortgage deal today.
