There has been a boost in the number of buy-to-let mortgage products available, with more mortgage options available to borrowers now than ever before.
New data from Moneyfacts shows that there are now more than 2,000 buy-to-let products available on the market.
Last year there were 1,558 products available; and now there are 2,022 products available.
Buy-to-let investors have had to absorb a wave of new regulation and tax measures being introduced in recent years, and this has forced landlords to explore their options and make changes accordingly. For example, some landlords have switched to a limited company set-up, allowing them to side-step changes to mortgage tax relief.
Finance expert at Moneyfacts, Charlotte Nelson, said: “Last week, Moneyfacts reported that the number of limited company fixed rate options were on the rise. These extra products, which cater for landlords looking to reassess their options after the tax changes, are yet another reason why the overall product numbers have been boosted.”
“While it has been a tough time for the buy-to-let market, the fact that the number of available deals is still growing shows it is still a viable option”, Nelson added.
Buy-to-let lenders are facing stiff competition, so it has become more important for them to diversify and offer a wider variety of options to landlords.
The various legislation changes may well have encouraged the grow in the number of mortgage products, as lenders strive to meet the ever-complex needs of landlords.
For more on this story, click below:
