The number of Buy To let mortgages in arrears of three months or more, including cases in which a receiver of rent has been appointed, have fallen significantly.
Data from the Council of Mortgage Lenders shows that the total stood at 13,400 at the end of June, down from 14,700 three months earlier and 17,900 a year ago. In the second quarter of 2014, 1,300 Buy To Let properties were taken into possession, compared to 1,400 in the previous quarter.
Meanwhile financial products analysts at Moneyfacts say the BTL mortgage product range is now enjoying a period of rapid expansion, possibly encouraged by its avoidance of the strict regulation seen in the rest of the home loans industry.
Moneyfacts says the number of BTL mortgages now available has soared by 237 in just one year - an impressive rise of 52 per cent.
The number of products available to first-time landlords in this sector has also increased, this time by a total of 147. This is a 33 per cent increase on the same time last year, although the proportion of the BTL products available to first-time landlords has reduced to 82 per cent, down from 93 per cent a year ago.
The BTL mortgage market is now dominated by niche suppliers rather than big banks.
"The list of lenders offering BTL mortgages at 80 per cent is empty of the big high street names. Because first-time landlords don't have a proven track record for running a BTL business, they pose a greater risk to the lender. Appetite for this risk is still lacking, which is borne out by the rise in the numbers of attractive LTV deals that are restricted to borrowers with a previous BTL history" says Moneyfacts editor Sylvia Waycot.
%20(002).png)
.jpg)
Comments