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58 per cent rise in buy-to-let borrowers

Tuesday 14th October 2008

September saw a significant increase in the number of borrowers taking out buy-to-let mortgages, according to a monthly mortgage survey by Spicerhaart Financial Services.

The survey revealed that 58% more borrowers chose a buy-to-let mortgage in September, making it the biggest rise in over a year. The rise in buy-to-let borrowing shows that investors are still confident about the prospects of property investment despite the market turbulence and large scale withdrawal of buy-to-let mortgages.

Operations Director of Spicerhaart Financial Services, Steve Cox, stated that although “there has been a lot of speculation about buy-to-let running its course, and with the demise of Britain’s biggest buy-to-let borrower, Bradford & Bingley, these views were further exacerbated. However, it is clear that borrowers do not share these views, with experienced landlords seeing this as a prime opportunity to buy properties at a reduced price.”

Mr Cox went on to say that “despite 85% of buy-to-let products disappearing from the market in the last year, there are still plenty of buy-to-let mortgage products available to seasoned investors with good sized deposits, who are looking to buy in established markets.”

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Posted By david a on Wednesday 15th October 2008 10:10:20

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What a complete load of nonsense. Just goes to show that figures can be made to prove anything! At least its got Spicerhaart's name in the press.

Posted By david b on Tuesday 14th October 2008 03:19:46

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Who are these people throwing money into a falling market where the chances of rent defaults is rising? Surely its like trying to catch a falling knife as we head into a major recession.

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