Cheap buy-to-let property promising for mortgage seekers

28-May-2008

Cheaper property for people considering buy-to-let mortgages will become available over the next year, it has been claimed.

Buy-to-let expert Lee Grandin granted, however, that it would be "difficult to call" when the market has bottomed out.

"The question of to what degree house prices will go down is unclear," he remarked.

Mr Grandin, the managing director of broker Landlord Mortgages, continued: "A lot should ride on the likely rental yields from a property and one should expect maybe 30 per cent higher rental yield than only a year ago, so yields on average would drop to about five and a half [per cent]."

He went on to note that individuals with a full yield find it difficult to get a buy-to-let mortgage, "but there will be many opportunities to acquire cheap property over the next year or so or maybe longer".

The Business Mortgage Company suggested last month that although there has been reduced choice for buy-to-let mortgages, the "key factors" driving the market - such as tenant demand - remain strong.
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