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Buy-to-let mortgages are 'vastly improved'

Tuesday, 27 April 2010 12:00 AM

The buy-to-let mortgage market is clambering to make up for lost ground and has improved enough for it to have been deemed to have turned the corner by an expert in the market.

Mortgages for Business managing director David Whittaker accepted that while the market was "tricky" to say the least only a year ago, there are simply more opportunities for investors to access finance in the day-to-day market.

He continued: "Essentially, we are back where we were four-and-a-half or five years ago and the market was absolutely fine. It is just that we have to had to shed the products that were, with the benefit of hindsight, too racy."

Mr Whittaker's comments come after research from LSL Property Services showed that a large number of landlords continue to find it hard to access a mortgage, with only 13 per cent able to get hold of finance last year.

Despite this, he added that landlords need to realise that strict lending criteria is a result of lower property prices.

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