In line with other recent news stories and statistics published of late, the Bank of England has reported a rise in the numbers of people turning to the buy to let property market as a sound investment. The bank’s figures show a steady increase since the first quarter of 2010, plus a sharp rise in the second quarter of this year, and in light of the increasing interest in the buy to let market, I can only assume there are an awful lot of investors just like me who are keen to make the most of the current market conditions.
It feels like every time I open a newspaper of go online these days, there is another news report telling me that first time buyers are losing faith in the prospect of owning their own home and are turning to the rental market instead. I also know from my own experiences that first time buyers unable to get a mortgage are fast becoming the most common prospective tenants.
So is it easier to find a buy to let mortgage in the current climate?
Well the numbers of buy to let mortgage products are certainly on the rise as lenders compete with each other to cash in on the buy to let property investment market. According to figures from one website, the number of buy to let mortgage products on the market exceeded 600 in May 2011, the highest level since 2008. And with long term tenant demand forecast to increase, now is certainly a good time to invest.
