Buy to Let lending has hit a new high

Buy to let lending has shown a healthy yearly increase.

The latest report on buy-to-let lending has shown a healthy yearly increase for the sector.  According to research released in October. However, compared to November 2013 there was a visible 9% increase and 14% by value.

The data that has been released that there was a 17,700 buy-to-let loans during the month of November, which shows lending of around £2.4bn.

The number of loans did decrease by 10% and the value of these loans was 11% lower than figures which

Within the overall total of buy-to-let loans in November. The number of buy-to-let house purchase loans decreased by 12% compared to October but up 6% in comparison to November last year. The total was £1.1bn in value which was down 8% on October but up 10% on November last year.

The number of remortgage loans decreased in November, they went down 8% in October then risen up to 12% compared to November last year. These loans had a large total value of £1.3bn which shown it had dropped 7% in October but up 18% in November last year.

Why choose a Buy to Let fixed term product?

Due to these figures and the recent high in buy to let lending a new 10 year buy to let fix has been launched. The company Mortgage Works has recently announced that they have launched a new 10 year buy to let fix which they are aiming at landlords who are looking for longer term payment security. The new option is the longest fixed product in the buy to let sector and is currently the only 10 year deal for landlords on the market.

As part of the move to expand customer choice and offer competitive longer term rates, they are also launching a brand new 5 year fixed rate product. All 5 year and 10 year fixed rate deals continue to be stressed at 4.99% with a rental cover requirement of 125%.

The Mortgage Works have said that their 10 year fixed rate product is currently the only option like this in the market for those landlords who are looking to secure their payments for the long term not just the short. It will fill a gap in the market that has seen a trend towards opting for longer term options.

If you need more information on buying the ideal property for a buy to let mortgage please email or call us 0161 707 6106. Mistoria Estate Agents dedicates it’s efforts to selling property for private clients and sourcing property for the property investment market. We have a dedicated team of property professionals with a wealth of experience whose remit is to introduce buyers to our clients.

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