As buy to let borrowing rates fell by an average of 0.33 per cent in the first quarter of 2013, Belvoir Sheffield is encouraging first time investors to take the plunge.
The new report from Mortgages for Business found that two year fixed rate products at 65 per cent LTV fell the most, falling by 0.69 per cent over the quarter.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of homes to let in Sheffield, said: “These figures show a positive change in the market. From talking to landlords locally in Sheffield it seems that finance is easier to secure than it was twelve months ago and this is great for the rentals market. Now is a great time to invest.”
David Whittaker from Mortgages for Business, said earlier this week: “This is good news for property investors looking for finance. It’s interesting to see that the effect of costs on rates are beginning to fall back to their pre-credit crunch level which is a sign of continued market improvement and could be contributing the marked increase of buy to let remortgage activity witnessed in Q1”.
The report revealed that in Q1 2013, lender arrangement fees, valuation fees and legal costs added an average of 0.52 per cent onto the headline cost of a buy to let mortgage. This has dropped slightly since the beginning of the year when the figure stood at 0.57 per cent.
Rick, whose letting agency on Campo Lane in Sheffield, specialises in providing flats and rooms to let Sheffield, added: “Demand is still far outweighing supply when it comes to the lettings market, which is again great news for investors. The news that buy to let lending is becoming easier to obtain is also very positive news.
Here at Belvoir Sheffield we have an ‘all of market’ solution where our brokers can look at the best deals available in the UK, because we are not tied to any lender. There is no cost to a landlord for this search service either. Anyone struggling to obtain finance should contact us for a free no obligation meeting to discuss their options.”
Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Property Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Mortgages.
