Number of buy-to-let mortgages reach 1,000

Mon 07 Sep 2015

There are now 1,000 buy-to-let mortgages on offer by lenders, the highest number since 2008, according to Moneyfacts.

The boom has been attributed in part to new demand from pensioners making the most of the new pension freedoms.

Charlotte Nelson, finance expert at Moneyfacts.co.uk, said: “With high rents and poor savings rates, it’s little wonder that the buy-to-let market is booming, with the number of deals hitting the 1,000 mark for the first time in over seven years.

“Unsurprisingly, the growth in products has been accompanied by falling average rates, which have dropped by around three per cent over the same period. This can help many borrowers to make easy savings, which means that they can generate even bigger returns on their investment.

“However, with a base rate rise on the horizon these low rates won’t last forever, so borrowers need to act fast to secure a low rate.”

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