Portman buy to let mortgages reviews new properties
www.moneynews.co.uk > Mortgages > Portman buy to let mortgages reviews new properties
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Money News |
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Portman buy to let mortgages reviews new properties
Thu 8th Dec 2005
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Portman buy to let mortgages said it would stop offering its products on property less than one-year old until the market got more stable.
The building society blamed an excess of newly built property for the lack of rigour in valuations.
Development director Matthew Wyles said: "Some developers are now prepared to do deals on price outside of the formal contract.
"In these cases the lender may be unaware of the actual price being paid and ends up relying on a valuation, which may in turn be based on erroneous assumptions."
Mr Wyles said that Portman buy to let mortgages for new builds would re-enter the market once an equilibrium between supply and demand had been reached.
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