3
Nov
Number of buy to let mortgages rise in Q3
The number of buy
to let mortgages that were available during the third quarter
of 2010 has risen from the previous three-month period, a report
has found.
Paragon's Financial Adviser Confidence Track survey revealed that
43 per cent of mortgage brokers thought the availability of home
loans improved for the quarter leading up to the end of September
2010.
The report also showed that 35 per cent of respondents predicted
the buy
to let mortgage market would improve further over the last
quarter of the year.
Managing director of Paragon Mortgages John Heron 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 and criteria
has also improved slightly."
He added that Paragon's buy
to let mortgage products have been released in order to cater
for professional landlords who might otherwise struggle to get
property finance.
The new loans were brought in by Paragon on September 28th 2010 and
include a two-year fixed-rate option at 5.3 per cent on mortgages
of 65 per cent loan-to-value (LTV) and a five-year tracker at 5.05
per cent on loans of 75 per cent LTV. 