Despite the fact I read only a week or so ago that many of the big buy to let lenders were cutting back on their buy to let mortgage products, tightening up their lending criteria, and withdrawing some of the excellent rates they had been offering up until recently, it seems that all is not lost for those who are still hoping to increase their investment portfolio over the next twelve months.
One of the biggest names on the high street, Barclays, has confirmed that it plans on quadrupling the amount of money it lends via buy to let mortgage products in 2012, which is great news for potential and existing investors in the booming rental market.
Previously, buy to let mortgages were a significant part of Barclays lending business, but in recent years the bank took a step back and downsized their buy to let lending, and today buy to let still accounts for only a small part of the bank’s gross lending. However, a spokesperson from the bank has confirmed that Barclays plans on raising this lending threshold considerably over the next few months and is already putting the necessary administrative infrastructure in place in order to cope with the planned increase in mortgage business.
But although it appears that Barclays are looking to cash in on the continuing success of the buy to let boom, the bank has been quick to point out they will be concentrating on marketing their mortgage products at existing professional landlords as opposed to speculative property investors branching out into the rental market.
