Conveyancers acting for landlords will welcome the news that Mortgages for Business reports a 396% increase in the number of buy-to-let mortgages available on its buy-to-let mortgage-sourcing tool, Mortgage Flow.
David Whittaker, managing director said; “We now have more than 200 products on the system, something we haven’t seen for three years. The contrast with May 2009, when we were down to roughly 40 products, is stark.”
Recently The Mortgage Works increased the number of buy-to-let products in its range by approximately 30% and new lenders to the market including Aldermore and Precise Mortgages have further bolstered the number of products and availability.
Whittaker said, “The buy-to-let market was one of the biggest casualties of the recession, with some lenders withdrawing from the sector all together, while others raised rates, upped fees, and tightened criteria. Brokers did not escape the misery and many went to the wall. Mortgages for Business only survived by slashing overheads and working closely with lenders and property investors to ensure a small supply of credible products. Now, as the health of the industry improves, we are seeing the number of available products increase. It’s great news.”