'Mortgage Flow' reports 396% increase in product availability 16.09.2010

Mortgage Flow, the leading Buy to Let mortgage sourcing tool from Mortgages for Business reports a 396% increase in the number of BTL mortgages available since the credit crunch low at the end of May 2009.

Talking on his regular v-blog, MD David Whittaker said; “We now have more than 200 products on the system, something we haven’t seen for three years. This is definitely a sign of good activity from lenders”.

 

Recently The Mortgage Works increased its Buy to Let product range by approximately 30% and new lenders to the market including Aldermore and Precise have further bolstered products and availability.

 

The buy to let market was one of the biggest casualties of the recession, with some lenders withdrawing from the sector entirely whilst others raised rates and fees, and tightened lending criteria.

 

Brokers did not escape the misery with many going to the wall. Mortgages for Business survived through extreme belt-tightening and working closely with property investors and the remaining lenders to address the challenges and ensure a small supply of credible products.

 

This rise is yet another indication that the Buy to Let market is showing signs of recovery which heralds more good news for professional landlords and property investors. In recent months reports that there has been a significant increase in demand for rented properties across the country has been due in part to a fall in the number of first time buyers who have being priced out of the home-buying market.

 

The Residential Landlords Association projects that within the next 10 years one in five households will be in private rented accommodation. Currently there is around 70% home-ownership in the UK compared to 30% in Germany. Clearly, if the RLA’s projections manifest, this can only be good news for landlords.