Buy-to-let market hits 3yr high

The buy-to-let mortgage market has continued to show strong signs of recovery in the final quarter of 2010 and into 2011.

Mortgage brokers revealed that buy-to-let mortgages grabbed the highest share of overall business for over three years in the final months of 2010.

Research carried out by Paragon Mortgages showed that buy-to-let mortgages accounted for one in five mortgages introduced by brokers during the three months to December 31st.

John Heron, Paragon Mortgages' managing director, says: "Buy-to-let is clearly an important source of business for the broker community and, given the growth in tenant demand and expected expansion of the private rented sector, it can play an even greater role going forward."

Recent forecasts estimate that almost one in five households will live in privately rented accommodation by 2015, up from the current level of one in seven, with brokers providing competitive mortgage rates to help growth.

Kensington recently launched a new range of buy-to-let mortgages catering for first-time landlords as well as experienced investors.
 

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2011-02-24 16:15:58 © Moneyextra.com