TBMC sees 17% increase in BTL purchases
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The Business Mortgage Company has launched a Landlord Profile Tracking Index which shows an increase in the number of applications for buy-to-let purchases in Q3 2009.
Its tracker shows 66% of all deals were purchases compared with 49% during Q3 2008, but there was a decrease in the number of applications for remortgages, down to 34% in Q2 2009 from 51%.
Four in 10 applicants were female showing that women are keen property investors in the UK and continue to see buy-to- let as a viable investment.
Some 73% of applicants were 40 years or older and there is a pretty even split between choice of product with 45% opting for trackers and 55% choosing fixed rates, with the average fixed rate during Q3 at 5.44% and the average tracker rate 4.50%.
Terraced houses accounted for 42% of properties amongst landlords followed by semi-detached houses at 24% and flats at 22%.
Andy Young, chief executive officer of TBMC, says: “As this is the first publication of TBMC’s Landlord Profile Tracking Index it is not possible to make direct comparisons or to identify any changes that have happened during quarter three, however there are some interesting results to note:
Young concluded, ‘it will be interesting to see what happens in the Buy to Let market towards the end of 2009 and into 2010 and what impact any developments have on landlords seeking mortgages.’
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