New research suggests that the supply of buy-to-let deals on the mortgage market is not enough given the number of people currently searching for them.Conducted by moneysupermarket.com, the report showed interest in buy-to-let mortgages has increased by 50 per cent since August 2008, while lenders have withdrawn 70 per cent of the products off the shelves in the same period.
The recent cuts in the base rate have also meant that mainstream mortgage interest has come down by an average of 1.95 per cent in the past 12 months, but buy-to-let rates have only seen a 1.13 per cent typical drop.
Hannah-Mercedes Skenfield, mortgage channel manager at moneysupermarket.com, said: "New and existing buy-to-let landlords face a difficult task in finding a suitable mortgage. Because banks are targeting safer borrowers for their limited mortgage funds, they have either abandoned or severely restricted their involvement in the buy-to-let market .
"Mortgage broker the Money Centre recently signed a collaborative deal with Smartlandlord.co.uk in order to provide property owners new products for the buy-to-let market
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