Buy to let mortgage lenders down to around 30

The number of buy to let mortgage lenders has dropped in the last 18 months from close to 100 lenders to around 30 and these have tighter lending criteria.

Acording to Moneynet.co.uk this drastic change in the buy to let mortgage market means it is a very different market compared to that before the start of the credit crunch.

The Bank of England base rate is at an all time low of 0.5% but the landscape for new landlords is tough.

Mortgage lenders no longer have the appetite they did for landlords business and even those that do have substantially tightened their lending criteria.

Most lenders now demand a minimum deposit of 30% or 40% from landlords.

Even having sorted out the property purchase, a landlords life can be tough.

Growing unemployment issues result in tenants more frequently being unable to keep up with rental payments.

Clearly landlords need to go in to the rental market with their eyes open and recognise that gone has the idea of making a ‘quick buck’.

Buy to let can still prove a profitable medium to long term investment but ensuring as a landlord you have the best buy to let mortgage in place and choosing the right landlords insurance is critical.

You can get a landlords insurance quote online now. It is quick and easy and you can have a no obligation quote in just two minutes.