Disappearance of buy-to-let mortgages concern for renters

www.moneynews.co.uk > Mortgages > Disappearance of buy-to-let mortgages concern for renters

Disappearance of buy-to-let mortgages concern for renters

Tue 6th May 2008

Some five per cent more people are renting now than were in October 2007, according to research from moneysupermarket.com.

Despite that, the price comparison site found that there has also been a 40 per cent drop in the number of buy-to-let mortgage products available in the past month.

More than one in ten of the people surveyed by the site said they had planned to get on the housing ladder but could no longer afford it because of higher deposits, while a third reported that they simply cannot afford to buy now.

Louise Cuming, head of mortgages at moneysupermarket.com, suggested that with buy-to-let mortgage products disappearing, this could leave some people unable to buy or rent a property.

"As stringent lending pushes people into the buy-to-let market, the decrease in the number of buy to let mortgages becomes increasingly alarming," she added.

The director of Ludlow Thompson residential property agents recently stated that buy-to-let property in London could offer tenants good value for money.

Related News : Mortgages
	Brits 'failing to grasp the importance of an interest in mortgages'
	BBA highlights mortgage lending growth
	Are interest-free mortgages a bad idea?
	Buy-to-let mortgages are 'more profitable'
	House price performance to impact lenders' criteria
	More Brits 'to choose long-term mortgages'
	Offset mortgages 'are the future'
	UK house prices 'set to fall'
	Hybrid mortgages 'are a good deal' for FTBs
	UK public expects house price increase