Mortgages Leeds

This week we have seen a number of mortgage lenders refresh their buy-to-let products including Leeds Building Society, Coventry Building Society and Virgin.

This is due to the rise in demand for buy-to-let mortgages recently. According to the Council for Mortgage Lenders the proportion of the mortgage market taken up by buy-to-let deals rose to 13.4% in the first quarter this year compared to 12.9% in the first quarter of 2012 and 13% in the final quarter of 2013. (http://www.landlordexpert.co.uk/category/property-investment-news/)

Here at RA Mortgages we have seen the number of requests for advice on buy-to-let mortgages rise with a large number of people looking to remortgage existing loans to find a better rate and also to secure a fixed deal to protect them from any rate increases. Research done by Mortgages for Business shows that the number of five-year fixed buy to let mortgages has doubled since 2012. 

It is an excellent time for new and existing buy-to-let investors to look at securing a mortgage. As well as the already mentioned refreshed mortgage products from numerous lenders, rents in the UK are increasing as well. The HomeLet Rental Index shows that the average UK private home rent rose by 6.3% over the year to June 2014. The average rent in the UK now stands at £862 a month, compared to £811 a year ago.

One thing that we stress is that before diving into anything make sure that you have taken the time to consider the best possible options for you and consult a mortgage professional on the most suitable investment strategy for yourself.