Paragon hails demand for buy to let mortgages
www.moneynews.co.uk > Mortgages > Paragon hails demand for buy to let mortgages
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Money News |
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Paragon hails demand for buy to let mortgages
Thu 24th Feb 2011
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The mortgage specialist indicated that buy to let products accounted for 21 per cent of the property loan market in the three-month period, up from 17 per cent in the previous quarter.
In contrast, residential loans were down by five per cent to 71 per cent of market share in the same timeframe, indicating that more people may be switching to rented accommodation in the future.
John Heron, managing director of mortgages at Paragon, said: "Given the growth in tenant demand and expected expansion of the private rented sector, it can play an even greater role going forward."
Paragon also recently discovered in its Private Rented Sector Trends report that tenant demand was at its highest in the fourth quarter of 2010 since October to December 2008.
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