According to new research from specialist buy-to-let mortgage broker Mortgages for Business, more landlords are looking to expand their property portfolio at an accelerated pace throughout 2015. Some 65% of landlords say they are planning to purchase buy-to-let property in the next six months – up from 55% six months ago.
Of those planning to purchase property, 61% intend to buy vanilla property, and 17% are considering HMO property.
With regard to mortgage lending, seven out of ten landlords are not satisfied that lenders are doing enough to support property investors. Two in ten think mortgage lenders should be lending more to landlords, while another 20% think the record low mortgage rates should be reduced still further.
Lending criteria is the subject of most criticism from landlords. However, the mortgage lenders are quick to point out that, with the deluge of new landlords entering the market, 41% of all landlords now have no external income above £25,000 per annum. This lack of non-rent income therefore disqualifies a significant proportion of landlords from securing certain mortgage products.