Buy-to-let mortgages to see 75% LTV norm

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Buy-to-let mortgages to see 75% LTV norm

Lenders across the UK are set to have a 75 per cent loan-to-value (LTV) norm for individuals looking to take out a buy-to-let mortgage, it has been revealed.

Gavin Elley, relationship manager at Mortgages for Business, told attendees of the Landlord & Letting Show in Birmingham that while many landlords expect to have to put in no more than 15 per cent LTV, lenders are reacting top economic climate and are calling for larger deposits.

He commented: "There is a psychological thing that landlords have in their minds about a 15 per cent deposit, but it is not going to be the norm in this present climate."

According to the Council of Mortgage Lenders, the number of new buy-to-let loans available in the UK increased by 16 per cent in the third quarter of 2011.

Over the same period, the value of mortgages advanced in the sector grew by 19 per cent, with the data shows highlighting the pick-up in buy-to-let lending that began in the second quarter has continued.

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