UK buy to let landlords continue to increase portfolios
A recent survey carried out by Paragon Mortgages has revealed an increase in demand for mortgages as buy to let Landlords seek to increase the number of properties in their portfolio.
Paragon Mortgages 2012 buy to let survey
The survey showed that 44% of buy to let mortgage applications were due to landlords looking to expand their portfolios. Applications for Remortgages also increased by 1% from 31% to 32%, however the number of first time BTL landlords applying for mortgages dropped by 3% from 23% to 20%.
Landlord mortgage activity outstrips first time buyers
According to the survey, brokers have reported that the buy to let mortgage market outstripped the first time buyer market by 4%, they also reported that 36% of their business of was for remortgages and 26% was for the next-time buyer.
John Heron, managing director of Paragon Mortgages, commented: “Levels of buy to let mortgage business are healthy at the moment, but could be better. The market is still being affected by the wider financial markets and factors such as the Eurozone.”
Survey shows property is still a popular investment choice
The survey further strengthens the recent studies that have shown the buy to let market in the UK is continuing to be ever more attractive, given the current difficulties in the residential mortgage market.