People searching for buy to let mortgages "thin on the ground"

17 June 2010

Written by Jeni Browne

One expert has discussed why there are fewer first-time buyers looking for buy to let mortgages in the UK.

Ray Boulger, senior technical manager at John Charcol, explained that the number of people entering the property market for the first time is still "pretty thin on the ground".

He claimed that this situation is likely to continue until there is a greater availability of high loan-to-value mortgages.

Similarly, Mr Boulger suggested that lenders should "loosen the criteria a bit".

The expert made his comments in response to recently released statistics from the Council of Mortgage Lenders, in which it was revealed that the number of loans advanced for house purchase in April 2010 was down by nine per cent compared to March.

However, he stressed that it is better to assess figures over a longer time-frame, such as three months, as this is a "safer basis on which to make an analysis".

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