Buy-to-let is 'best' says Paragon Mortgages

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Buy-to-let is 'best' says Paragon Mortgages

The buy-to-let mortgage market is continuing to increase, benefiting landlords across the UK, says a leading mortgage lender.

Following the Bank of England's decision to raise the base rate in November, there were fears from some quarters that the hike would cool the buy-to-let market but those fears are unfounded according to Nigel Terrington, chief executive of the Paragon Mortgages.

The Royal Institution of Chartered Surveyors had recently declared that two Bank of England base rate rises since August had meant that buy-to-let was seen as a "less favourable investment".

However, Mr Terrington said: "We have seen steady activity on the part of residential property investors, who are growing their portfolios in response to additional demand from a variety of different types of tenants, including foreign migrants, young professionals, families and students."

Figures that Mr Terrington cited, based on government statistics, have found that there has been a 22 per cent increase in the number of tenants since 2001. Also, buy-to-let returns were up 2.8 per cent in November from September.

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