BTL lenders with Ltd co products up 47% on last year

by Property 118

10:02 AM, 25th October 2018
About 3 weeks ago

BTL lenders with Ltd co products up 47% on last year

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BTL lenders with Ltd co products up 47% on last year

The Mortgages for Business’ Buy to Let Index indicates an increase in the number of buy to let lenders lending to limited companies by 47% over the last year. Click here to see the full article.

The index shows:

There are now 22 BTL lenders now lending to limited companies which is up up from 15 in Q3 2017

The total number of BTL mortgage products available to limited companies has more than doubled since from 263 to 628

44% of BTL transactions are now made in the name of a limited company increased from 42% last year. However, this includes remortgages so the figure for purchases will be much higher post section 24.

96% of landlords went for a fixed over variable rate in Q3 2018. This partly down to PRA rules allowing lower stress testing for fixed rates of 5 years or more.

Steve Olejnik, managing director at Mortgages for Business said: “It has been encouraging to see so many new entrants to the specialist end of the buy to let market in the last quarter, putting product availability at an all-time high. This just goes to show there is still a lucrative, buoyant market out there following on from the recent regulatory changes.

“With the uncertainty surrounding Brexit and the possibility of another Bank Rate rise in the near future, I am not surprised that the majority of landlords are choosing to fix. It will be interesting to see what knock-on effect this will have on the buy to let remortgage market.”

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