Is this the end of Buy to Let Mortgages?

October 8, 2008 by Brendan

News

Bradford & Bingley were one of, if not the leading, mortgage provider when it came to buy-to-let mortgages, but with their recent troubles, they have now taken the decision to withdraw all of their buy to let mortgage products for the time being and with this decision, it is likely that the number of buy to let products will decrease even further as they become a more specialist area.

Their withdrawal, albeit temporary, from the market has prompted smaller rivals to re-consider their products and in many cases, re-price them.

However, this does not mean there are not buy to let mortgages out there, although for the novice it may be more difficult to find one. Mortgage advisors will be keeping a constant watch on the lenders still giving out buy to let products.

For those landlords who have experience and are still cash-rich with a handy deposit, their business is still sought after and mortgage advisors will be able to help them find the best product for their circumstance, whether it is a new property purchase or a remortgage from an existing property.

In those areas where property is particularly cheap, mortgage advisors for this purpose could be very much in demand. In all cities, such as Birmingham, Leeds and Manchester, and especially in up-and-coming cities such as Glasgow which has seen significant investment in recent years, there are always great areas ideal for letting purposes and there will be landlord borrowers looking to take advantage of the recent fall in property prices especially when they begin to see an upturn in the market, which there is bound to be at some point.

With these points in mind, it could be a good time for those in these areas considering becoming a mortgage advisor to take their CeMAP training and make sure they are ideally situated to take advantage of the market.