The number of enquiries regarding Buy to Let borrowing reached an all time high in the Mortgage Advice Drivers report for September compiled by the professional advice website Unbiased.co.uk.
Buy to Let mortgage advice accounted for 17 percent of all enquiries and put it fourth in the list behind first time buyer mortgages (51 percent), remortgaging (34 percent), and residential (26 percent).
Karen Barrett, the website’s chief executive said: “With over half of people searching on our ‘find a mortgage adviser’ search for advice on first time buyer mortgages, these figures suggest that many first time buyers have been waiting to step onto the property ladder and now have regained interest.
“It appears many have been biding their time but now feel they are in a position to investigate what’s on the market and take the first steps by seeing a whole of market mortgage adviser to advise them on their mortgage options.”
“In light of the recent FSA proposals on a review of the mortgage market, there could be a future dip in enquiries from first time buyers as, with increased regulation, mortgage lending criteria could become even stricter.
“The FSA is also looking to regulate buy to let lending, so with an increased rise in enquiries from those looking to take out a buy to let mortgage, these investors will need to assess the options available.
With mortgage deals continually changing at the fast pace and regulatory changes on the horizon, it has never been more important to ensure you are seeking the best and most informed whole of market mortgage advice.”
