08 September 2009
Good time for landlords to purchase property, expert says
People who have the money to invest in buy-to-let properties should do so now.
This is according to Michael Aglony, marketing manager at Mortgages for Business, who said it is "definitely" a good time to make such acquisitions.
He stated: "As a landlord, if you have got cash, this is definitely the time to be buying.
"Arrears in the buy-to-let market are down and the decline in lending has also decreased, so it is becoming more positive rather than negative."
However, Mr Aglony acknowledged that there are currently fewer mortgage products available for those seeking properties than there were in the past.
He suggested that the introduction of a new lender is required in order to "stir up a bit of competition".
As the end of the year approaches though, lenders may have targets to reach and therefore begin offering better deals, the expert said.
Figures produced recently by moneysupermarket.com suggested that the number of enquiries for buy-to-let mortgages has increased by nearly 50 per cent over the last year.