Igloo Lets - lettings property in the Bristol area
New Buy to Let Booms – Banks now worry.

In the last few weeks some of the UK and mortgage providers have withdrawn some of their most attractive deals.

In all over 50 types of loans have been withdrawn, following a flood of applicants from existing and new landlords.

Some of the biggest names withdrawing their buy to let mortgage products in recent weeks were

The Post Office – ALL Buy-To-Let Products withdrawn

Skipton Building Society – Stopped offering ultra-cheap tracker deals

Kensington – No more mortgages requiring only a 15% deposit

Aldermore – Withdrawn popular fixed rate

Skipton’s Building society tracker rate has risen from 3.24% to 3.59% which is the equivalent of £44 a month extra on a £150,000 interest-only mortgage Between April and June 2011 more than 2,600 mortgages were granted to property investors and landlords every week

There are currently 1.3 Million outstanding Buy-To-Let loans! Many existing Landlords, have been extending their portfolios when they have been able to raise additional finance.

The landlords who have missed out on the competively priced mortgage deals, will have to make larger mortgage repayments. Most lenders are saying that they have simply reached the maximum amount they can lend of their most popular mortgage offers.

Kevin Cox of Bristol letting agents Igloolets.com said "Many existing and experienced Landlords are unlikely to be detered from making further aqisitions - even with the rates rising"

 

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