The Financial Times came calling for Limetree Financial Services’ opinion on the buy-to-let mortgage market this year.
My comments are featured in an article on the FT Adviser website, ‘Advisers dispute buy to let growth prospects’. FT Adviser is the online part of the Financial Times magazine publishing arm. We were glad to be able to help – not least to be given the first and last word on the matter.
Clearly not everyone agrees about where the buy-to-let market is going this year. But I stand by what I said.
At Limetree we have helped a number of clients to arrange these mortgages again in the last few months. The main difference is that last year the loan-to-value ratio was 65%, whereas now you can get a mortgage to work at 75%. That’s a significant reduction in the amount of capital you need to put down as a deposit. That’s why we’re optimistic about buy-to-let mortgages in 2011.
Yes bank fees are high. But the key thing is not the fees or the interest rates but being able to meet the criteria for a loan in the first place. There are lenders who advertise competitive rates to get onto the best-buy lists, but who turn down many applications and do not even offer interest-only mortgages.
However, if you can meet the criteria, the loan-to-value percentage can actually be higher than 75%.
That’s where Limetree come in. With our advice and our access to the whole market, we will do everything possible to help you to meet lenders’ criteria and arrange a buy-to-let mortgage this year.
Contact us today and we’ll see what we can do.