Buy-to-let remortgaging rises as landlords look to expand
Tuesday 15th May 2012
Buy-to-let remortgaging is on the rise, says haart, as landlords seek to free up equity to make further property purchases.
It says that the percentage of people looking to remortgage has risen to its highest level so far this year.
The firm says it is also seeing an increasing number of first-time landlords looking to remortgage in order to have the capital to buy a new property whilst at the same time rent out their current property.
Buy-to-let accounts for almost one in five of the 200 weekly mortgage applications currently processed by haart.
David Miles, managing director of haart financial services, said: “Our latest figures show that experienced landlords are happy to continue to invest in property by expanding their portfolios to meet the high tenant demand in many areas of the country.
“It is also interesting that some home buyers are using the equity in their current properties to invest in buy-to-let for the first time.
“Whilst lending criteria understandably remains risk averse, there are still many great opportunities for landlords to maximise their yields from all sorts of property across the country, and my feeling is that our buy-to-let lending will continue to grow during 2012.”
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