Buy to let mortgage levels hit an 18 month high.
According to the estate agent haart buy to let mortgage applications have just reached their highest level in the past 18 months.
New figures released by haart reveal that almost 20% of all applications processed by the estate agent in May were for a buy to let mortgage. Of those applying for a mortgage to invest in property, 66% opted for a fixed rate and half of those who opted for a fixed rate choose a 2 year term.
While many areas of the property market are experiencing little growth, the buy to let sector is flourishing as new landlords cash in on rental yields and existing investment landlords extend their property portfolios.
Many households who are unable to buy have found themselves with no choice but to rent. Lenders are releasing competitive buy to let mortgages to enable landlords to invest to meet the increasing rental demand.
Recently released figures from specialist buy to let lender Paragon back up news of a buoyant buy to let property market.
In the six month period from September 2011 to March 2012 Paragon advise that they advanced £87 million new buy to let loans. The lender advises that this is the first time its loan book has increased since 2008. For this period Paragon buy to let profits increased by just over 13% to £45 million.
If you are interested in capitalising on a buoyant rental market and competitive buy to let mortgage rates contact Deal Direct today. Our skilled advisers will source the best mortgage deal on offer suited to your circumstances.
Call Deal Direct now for a buy to let mortgage comparison.
