West Brom buy-to-let increase posted

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West Brom buy-to-let increase posted

Tue 23rd Aug 2005

West Bromwich Building Society has declared that it has seen buy-to-let mortgage business boom, despite an overall slow down in the UK housing market.

The building society said in a press statement that it is "on track to break all previous buy-to-let lending records", adding that it has witnessed a 46 per cent increase in business over the past year.

The company revealed that it has seen a month-on-month increase in buy-to-let residential demand over the last five months, with demand highest in London and the South East.

West Bromwich attributes the strong buy-to-let figures to "a good competitive lending rate for buy-to-let borrowers" and the fact that one in four new applications which come through the intermediary channel are now buy-to-let applications, up from one in seven last year.

James Taylor, West Bromwich Building Society mortgage product manager, said: "While the national story suggests that the market has slowed to some degree, as far as the West Brom is concerned, the market is still very much alive.

"Following the recent improvements in our buy-to-let policy and criteria, our presence in this key market continues to grow and all the signs are that it will continue to do so," he concluded.

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