Buy to let mortgages on track

22-Mar-2005

People with buy to let mortgages are continuing to prosper, according to new research.

The Mortgage Trust revealed that portfolios are growing in line with expectations thanks to low interest rates and confidence among investors.

Aspiring homeowners are continuing to rent for longer than in previous years due to the rocketing property market which has seen house prices soar.

Earlier this month Halifax revealed that 92 per cent of houses across the country are too expensive for first time buyers, resulting in many people choosing to rent well into their 20s and 30s.

It has also been revealed that the average age for a first time buyer is now in their mid-thirties, but an aspiring homeowner may also decide to look to become a landlord as a method of boosting their revenue and enabling them to purchase a property that they desire.

More and more first time buyers are now willing to splash out on a large house that they can live in as well as rent out and use that property as an alternative form of income.

And that approach appears to be paying off, as the latest figures suggest the buy to let market is profitable for landlords, despite strong rumours that the base rate of interest will rise by at least another quarter point before the end of the year.

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