As a new survey indicates that some 55 per-cent of private rented sector landlords are planning to expand their portfolios over the next six months, Belvoir Sheffield the leading lettings agency in Sheffield is advising that mortgage lenders need to support this growth.
The new figures from Mortgages for Business found that with this growth in portfolio building, two thirds of landlords questioned will need to refinance, but three quarters say mortgage lenders aren’t doing enough to support them.
Its latest survey also shows that 43 per-cent are looking to remortgage, up from 36 per six months ago and 39 per-cent of landlords have less than £25,000 income other than rent.
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.
“In Sheffield investors seem to be very keen on student accommodation, and it is one of the strongest performing investment trends, despite a drop in the number of applicants last year.”
Interestingly enough, Over three quarters of investors asked (76 per-cent) said lenders should be doing more to help them get the finance they need.
Rick Flay, whose agency specialises in flats to let Sheffield, added: “I agree that mortgage lenders should be doing more to support investors looking to expand and the criteria needs to ease allowing this to happen. 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.
