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Mortgages And The Buy To Let Lending Boom

Mortgages And the​ Buy to​ Let Lending Boom
Property investors looking to​ take out buy to​ let finance can expect to​ find mortgage products being offered as​ cheaply as​ mainstream residential loans.
Traditionally buy to​ let mortgages have been subject to​ a​ higher rate of​ interest than residential loans however fierce competition has brought about a​ level playing field in​ what has increasingly come to​ be perceived as​ low-risk lending .​
Many more lenders are looking to​ attract a​ growing number of​ would be investor landlords with mortgage products offering up to​ 90 percent of​ the​ value of​ the​ buy to​ let property - the​ end results are that investors no longer need such a​ large deposit to​ put down and lower rental requirements .​
The buy to​ let bandwagon shows little sign of​ slowing down in​ the​ wake of​ these new developments,​ contrary to​ analyst predictions in​ previous years,​ with the​ number of​ mortgaged properties reaching the​ one million mark .​
The world of​ buy to​ let investment is​ far from rosy however with buy to​ let property repossessions up at​ record levels .​
While more competitive and flexible lending products of​ this kind offer greater financial implications and benefits to​ the​ borrower,​ there is​ also a​ danger that the​ promise of​ greater savings may attract investors into a​ saturated market when the​ outlook for returns is​ uncertain .​
In recent years,​ the​ buy to​ let borrower would expect to​ pay an​ additional loading of​ around 0.75 to​ 1 percent in​ mortgage costs,​ whilst as​ recent as​ a​ decade ago,​ mortgages on​ buy to​ let properties would often be charged at​ 3 percent over normal rates .​
More flexible lending criteria and more relaxed loan restrictions have again displayed the​ markets enthusiasm of​ property investment lending - Many more lenders have now increased the​ traditional 80 percent loan to​ value limit up to​ as​ high as​ 90 percent - this will come at​ a​ premium compared with other buy to​ let mortgages and will be based on​ rental income that do little more than cover the​ loan repayments.
When assessing borrower affordability,​ lenders have used future rental income as​ a​ way of​ determining eligibility rather than income multiples .​
In the​ past many lenders would usually have required this rental income to​ amount to​ 130 percent of​ the​ mortgage interest repayments - some lenders will now accept a​ figure as​ low as​ 100 percent rental cover.
The danger with taking out a​ loan on​ this basis is​ that a​ lower rental cover could leave a​ borrower more financially exposed to​ having to​ subsidize mortgage repayments and other general costs out of​ their own funds - This could be particularly dangerous in​ an​ environment of​ rising interest rates .​
The differential between loan costs has been especially tight in​ the​ very recent past as​ industry statistics have shown lower rates of​ arrears and repossessions in​ the​ buy to​ let market than among residential homeowners.
Arrears were just 0.59 percent of​ total buy to​ let loans in​ the​ second half of​ 2018,​ compared with 0.89 percent in​ the​ wider mortgage market,​ according to​ the​ Council of​ Mortgage Lenders .​
Repossession rates in​ the​ buy to​ let market were 0.14 percent against 0.15 percent in​ the​ residential market.

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