The Mortgage Works increase Buy-to-Let LTV to 80%
Published ¤ 10/05/2010 13:06:24
The Mortgage Works have increased the maximum loan to value to 80% on its core range of buy-to-let mortgages.
Tracie Pearce from The Mortgage Works commented:
"The increase in the loan to value on our Buy to Let range continues to demonstrate our commitment to supporting the housing market. We are the only lender to offer this level of borrowing which will help landlords without a large deposit.
"The Mortgage Works continues to have a long standing prudent approach to lending, offering landlords and intermediaries access to innovative, flexible mortgage solutions."
The range includes 1 year, 18 month, 2 year and 3 year fixed rates, starting at 4.69%, and a 1 year tracker rate at 4.69%.
This is great news for many landlords who have been unable to release equity from their portfolio due to LTV restrictions. This offers them the opportunity to expand, and take advantage of the current property market.
Hopefully this will be the start of other lenders following suit, although it may take some time for changes to filter through. However, it is great to see at least this one lender demonstrating their optimism about the future of the BTL market.
This news comes on the same day that Datamonitor, the market analyst, announce that buy-to-let lending will grow three-fold in the next 4 years.
They have predicted that gross buy-to-let lending will grow to over £25bn by 2014, from only £8.5bn last year.
Are you looking to get into the BTL market, but not sure how to start? Or are you a seasoned BTL incestor, looking to release equity from a prtfolio? We'd love to speak to you. Call us on the number above for a FREE, no obligation chat to see how we can help.
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