Buy-to-let mortgage applications surge to 18-month high

Tuesday 12th June 2012

The number of people applying for buy-to-let mortgages has reached an 18-month high, according to haart.
 
New figures from the estate agency chain, which has a network of mortgage advisers in its branches, show that the percentage of buy-to-let mortgages processed in May reached 19.6%, or one in five, of all mortgage applications processed by the company.
 
Two out of three landlords are now choosing fixed rate products, with over half choosing two-year deals.
 
David Miles, managing director of haart Financial Services, said: “With the base rate continuing at a record low, more people than ever are choosing buy-to-let property as an alternative to other forms of investment, driven in part by the healthy yields they can achieve.

“This is being helped by increased competition between lenders and with it an ever-growing availability of products for this particular segment of the market – something which we as a company certainly welcome.”