In the past few months there have been an abundance of news articles discussing how the demand for private rent properties has been increasing nationwide, and how the government is urging local councils to increase the amount of properties they aim to build to be eventually entered into the buy-to-let sector. Now it seems that banks are helping landlords expand their portfolios by increasing the amount of lending for buy-to-let properties in the upcoming year.
Lloyds bank is one of the first to announce that they will be increasing the amount they lend to landlords interested in purchasing more buy-to-let properties, however they have not yet confirmed the exact amount they are planning on giving out. Last year seventeen per cent of all the lending they gave out was for buy-to-let plans, whereas they plan this year to increase the proportion to twenty one per cent. By the second half of 2012 Lloyds had lent out just over twelve billion pounds in general, with two billion of this going to buy-to-let businesses, whereas the year before they lent out twenty eight billion pounds in total.
The increase in loans to buy-to-let landlords will definitely help boost the UK rental property market, as well as its sister industries such as landlord insurance providers. Phil Rickards, head of sales at BM solutions (the buy-to-let brand of the Lloyds banking group), said: “2013 promises to be a successful year for BM solutions as we continue to be a very active player in buy-to-let. As the market for private rented housing grows, we are investing in our business to ensure that we can support increased volumes. This includes further improving our service, simplifying our process and recruiting additional staff to support the demand for our products and services.”
Whilst there is no data yet to show how much money was lent to buy-to-let landlords in 2012, the Council of Mortgage Lenders has revealed that in 2011 over thirteen billion pounds was lent to just over one hundred and twenty thousand customers. They said that £6.5 billion of this was for clients who wanted to purchase new homes, whilst £6.6 billion was for clients needing to remortgage their properties.
Ying Tang, the buy-to-let managing director at Buy-to-Let Business said: “If you asked any of my mortgage consultants which lender they would want to show increased appetite this year it would be BM Solutions because you know what you are going to get, applications go through most of the time and the service is good. I am sure the market would welcome this news.”
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