Buy-to-let mortgages rise in Q3

Posted: 18 Oct 2011 09:41:20 GMT

There is increasing interest in the buy-to-let housing market.

There has been an increase in buy-to-let mortgage applications.

This is according to figures from Paragon Mortgages, which found the third quarter saw a 3.1 per cent rise in those looking for the product.

Some 43 per cent of intermediaries discovered that their buy-to-let business levels were on the up during this three-month period.

Of these, 12 per cent said activity hiked by more than ten per cent, while 13 per cent said the swell was between six and ten per cent.

John Heron, managing director of Paragon Mortgages, stated: "It is positive to see that buy-to-let accounted for a growing percentage of intermediaries' overall business levels during the third quarter."

He added it is important people continue to support the industry due to the pressure currently on the private rented sector.

It comes after research by Shelter found that average rental costs are unaffordable across 55 per cent of local authorities.
 

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