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Buy-to-let news
Buy-to-let mortgage market 'buoyant'
13 March, 2008
The buy-to-let mortgage market is still "buoyant" and mortgage lenders are less concerned about this sector than any other, one expert believes.
Christopher Tanner, managing director of Blevins Franks Mortgage Services, explained anyone with a poor credit history will find it costly and difficult to get a buy-to-let mortgage, the market as a whole is still strong.
However, he did warn that anyone entering the buy-to-let market needs to be cautious.
Mr Tanner said: "If you are a first-time investor, make sure you find a property that's suitable; you're not taking out loans you cannot afford to repay; you're not extending yourself where you've got no money in the bank when you have a void period, or a tenant doesn't pay."
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Anyone who takes a guarded approach and does the necessary planning "should be ok", he concluded.
Figures released by the Council of Mortgage Lenders show that buy-to-let lending stood at £24.1 billion in the second half of 2007, up from £21.2 billion in the first six months of the year.
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