Mortgages  

Landlords bullish for 2014: mortgage poll

The managing director for Kent-based advisory firm Mortgages for Business, said the firm was forecasting a 25 per cent increase in lending in 2013.

He said: “Despite easing conditions for owner-occupiers and first-time buyers, the prevailing conditions mean the private rental sector remains a vital element of the housing mix.

“The growth in lending to property investors is proof of this and the intention of landlords to expand further demonstrates that demand for rental property shows little sign of waning.”

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This came as a Mortgages for Business poll of 278 property investors revealed that 57 per cent of landlords were looking to expand their portfolios during the first half of 2014.

Some 54 per cent of part-time landlords, with between 1 and 10 properties, and 66 per cent of those with more than 11 properties intended to expand over the next six months.

Overall, 64 per cent of all landlords will need to refinance in order to fund this expansion.

Elsewhere, just 7 per cent were looking to shrink their portfolios during the next six months, while 60 per cent of investors felt lenders needed to ease their criteria to support the market.

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Peter Gettins, product manager for Somerset-based London and Country Mortgages, said: “Buy-to-let is a busy part of the market, and not just from existing landlords. We are seeing a lot of interest from new landlords who want better returns on cash, and there is strong rental demand.”