Buy-to-let mortgage availability on the increase

Almost half of mortgage brokers reported an improvement in the availability of buy-to-let mortgages during the third quarter of 2010, according to research by Paragon Mortgages.

The Financial Adviser Confidence Tracker report revealed that 43 per cent of brokers stated that the availability of the best mortgage rates improved in the three months to the end of September.

This period coincides with Paragon's return to the buy-to-let market, an improvement in the number of products available and an easing of lending criteria.

John Heron, Paragon Mortgages' managing director, said: "The number of buy-to-let mortgages has been rising in recent months as lenders come back to the market or new lenders are launched."

He added that despite the improvements, those looking for cheap mortgages will find that the market is still significantly below its July 2007 peak.

Paragon announced its new product range which includes tracker-rates starting from 4.3 per cent and fixed-rates from 5.3 per cent, in September.
 

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2010-11-09 13:21:36 © Moneyextra.com