It has been announced that in the final three months of 2012 the Funding for Lending Scheme had encouraged more lending and this trend should be carried forward into this year which looks very positive. This is great news for those who are looking to start a property portfolio and become landlords.
The amount of new mortgages that were approved rose to 54,036 in November. However not too long before, in June, there were only 44,523 approved mortgages. Although this amount has been increasing steadily ever since.
The amount of approvals suggest a sign of positive things to come for the property market in 2013 as it suggests that sales will continue to rise in the next few months.
The economics consultancy has said, “Mortgage approvals are continuing to rise, helped by a further decline in mortgage rates. But with the improvements in both now starting to slow, hopes that the first half of this year will see a material improvement in housing market activity and likely are likely to be disappointed.”
If you are thinking about becoming a landlord, this year is a great time to do so. To make sure you have researched every aspect of what the job entails including the different variations of landlord insurance. Buying a house for whatever purpose is a huge investment so making sure you have all the right information is essential.