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Buy-to-let lending criteria set to ease

Tuesday, 10 August 2010 6:00 PM

Lending criteria for buy-to-let mortgages have taken a big step forward in 2010 and will continue to improve throughout the year, Mortgages for Business believes.

The latest Upad Rental Confidence Index founds that 62 per cent of landlords are feeling more confident about their business this month than the last, although a lack of finance is still preventing some from taking advantage of low property prices.

David Whittaker, managing director of Mortgages for Business, said some landlords will struggle due to credit profiles being much more robust, while others are still adjusting to mortgages not being available at 85 per cent.

"Criteria has improved significantly in the first half of 2010 and will continue to ease gently to year end," he commented.

"However, the max LTV [loan-to-value] at TMW [The Mortgage Works] at 80 per cent - introduced in the second quarter - won't be exceeded any time soon."

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