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Buy to let mortgages becoming the alternative

06/05/2008

Majority of homeowners are looking to rent their home rather than putting it up for sale. A vast majority of homeowners are selecting buy to let mortgages as an option than a residential mortgage.

Homeowners are finding it incredibly difficult to sell their home, so an increasing number of homeowners are deciding to rent their properties instead.

The firm rents out your property and then advises you to become a tenant in your new home, provided that it does not affect your thoughts of living in someone else’s property.

Lenders may demand taking out a buy to let mortgage rather than a standard residential mortgage.

People need to move, but cannot sell their property. They cannot get a suitable buy to let mortgage that allows them to rent out their property.

Louise Cuming, head of mortgages at moneysupermarket.com commented: “As stringent lending pushes people into the buy to let market, the decrease in the number of buy to let mortgages becomes increasingly alarming. I fear we will soon see many people unable to buy or rent - the question is, where do they go from there?”


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