Buy-to-let market 'may be difficult for first-time buyers'

07-Sep-2009

First-time buyers looking for a buy-to-let investment opportunity may be interested in the comments of one industry expert.

Mortgages for Business highlighted the fact that there has been a marked increase in the number of people inquiring about home loans with which to purchase a property that will then be rented out.

Michael Aglony, marketing manager at the firm, said it had received a high level of interest in buy-to-let mortgages in the last year.

However, he pointed out there is a limited number of products available as a result of the economic downturn, with only a few major lenders left in business.

This has resulted in a plateau in terms of competitive rates, increasing the difficulty for some people in the marketplace, particularly those stepping onto the housing ladder.

"It is even harder for a normal person, who is a first-time buyer, to buy a house," he said.

Mr Algony went on to add there may be a brighter outlook ahead: "Arrears in the buy-to-let market are down and the decline in lending has also decreased, so it is becoming more positive rather than negative."

According to moneysupermarket.com, there has been nearly a 50 per cent increase in the number of inquiries for these products in the last year.

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