Fri 24 Aug 2018 View all news articles
Almost one in 10 UK adults have shown an interest in taking out a buy-to-let (BTL) mortgage in 2018, new research from Sainsbury’s Bank Mortgages has revealed.
Of those taking out or considering a BTL mortgage, 35% said a change in income has inspired them to do so, while the current opportunities to enter the BTL market is enough to encourage 29%.
A quarter were considering a BTL mortgage after receiving inheritance, potentially becoming ‘accidental landlords’, yet the research suggests that two in three (64%) of UK adults have no idea what ‘Consumer BTL mortgages’ are.
The results come after news that Sainsbury’s Bank will extend its mortgage range with the launch of new BTL products, including support to accidental landlords, which are solely available via the Bank’s broker network.
When it comes to buying a property, 51% of prospective landlords considered purchasing (46% having considered buying new builds prior to this year), while 46% considered purchasing a flat.
Tailored to those looking to purchase or remortgage, the new products has lending being made available to individuals who hold a maximum portfolio of three BTL mortgaged properties.
The products are available across two and five-year fixed terms, with lending available up to £1 million with a 60% loan-to-value (LTV) and £500,000 up to 75% LTV.
David Buxton, head of banking at Sainsbury’s Bank, commented: “With demand for rental properties showing no signs of slowing down, we’re delighted to be able to help landlords by offering competitive mortgages and advice to help them best manage their investments.”
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Source: Property Investor Today
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