Buy-to-let seeing a strong resurgence

25-Jan-2012

Buy-to-let deals have shown a significant resurgence, according to Yorkshire building society, which has relaxed lending criteria on the deals. 

According to This is Money, the lender is moving into the buy-to-let market with some attractive deals, making competition between lenders more fierce. The buy-to-let criteria will be adjusted to make it easier for potential buy-to-let investors, with a drop in the minimum property value required from £150,000 to 100.000. There will also be a reduction in the minimum income an application needs to earn from £35,000 to £20,000 and cut the minimum age by five years from 30 to 25.

The number of landlords in the UK is rising, and many first-time buyers are switching policy and acquiring landlord insurance as a move to making money on the property.

The increase in rental prices and rental demand will be a key reason for this shift, with statistics from LSL Property Services showing that rental prices have increased by almost £50 a month since 2008.

There is a vast array of mortgages for first time buyers so seek good advice

Published by Helen Adams

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