As Britain’s two leading buy to let lenders attempt to secure a larger share of the market as landlords look to borrow more, many other lenders are making cut backs to their buy to let lending services. Now Belvoir Sheffield the leading lettings agency in Sheffield is offering its opinions on a changing marketplace.
Despite the leading lenders looking to expand their market share,The Mortgage Works (TMW), the buy to let arm of The Nationwide, is chopping fixed rates back by up to 0.8 per-cent and trackers by up to 0.75% for new borrowers, causing a very mixed outlook on lending.
Rick Flay, whose agency specialises in houses to let Sheffield, added: “It has been predicted by The Bank of England that buy to let lending will grow in 2013 and account for 20 per-cent of total lending in 2013.
“We are still in a position as letting agents and landlords that we are unaware of how much the bank intends to lend in 2013, but if the figures are similar to the last two years, landlords can expect £5.67 billion for property investors.”
Another survey published earlier this month by Mortgages for Business found that ‘Over three quarters of investors questioned by the survey (76 per-cent) said lenders should be doing more to help them get the finance they need.’
Rick Flay, Director at Belvoir Sheffield, which offers a wide range of houses to let Sheffield, said:”Here in Sheffield we are finding that many landlords are looking to expand their portfolios this year. I think that they are seeing the attractive yields available on residential investments and that demand is far outweighing supply causing fewer void periods. I would agree that although the two biggest lenders are looking to do more to increase their market share, it is still very tough for many landlords to get finance.
” Here at Belvoir Sheffield we have an ‘all of market’ buy to let mortgage solution where our brokers can look at the best deals available across the UK, because we are not tied into any lender. There is no cost to a landlord for this search service either. I would advise anyone struggling to secure finance to get in touch with us.
Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Mortgages.
