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TODAY'S OTHER NEWS

Surge in limited company buy-to-let mortgages

The number of buy-to-let mortgages available to borrowers has increased significantly due to a surge in deals aimed at limited company borrowers.

Average product numbers for buy-to-let mortgages totalled 1,105 in the first quarter of this year, up from 963 in the final quarter of 2015, a rise of nearly 15%.

Remortgages yet again outstripped purchases in all categories with the exception of HMOs, where purchase numbers were slightly higher.

David Whittaker, managing director of Mortgages for Business, which collected the figures, said: “With tenants looking for less expensive accommodation and landlords looking for higher yields it is no surprise that the number of HMO purchases has risen in the last quarter.

“Even though remortgage transactions were higher this is not to say purchase numbers were down.

“All types of residential investment showed a marked increase in the number of purchase transactions as investors rushed to beat the 3% stamp duty surcharge deadline.”

Yields for semi-commercial property also rose in Q1 making it the second highest yielding property type.

Mr Whittaker added: “I would expect to see the number of landlords purchasing semi-commercial property to rise in the coming months as mixed use properties are technically classed as a commercial premises and as such will not be liable for the 3% stamp duty surcharge.”

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