Landlord Mortgages rep discusses 'restricted lending environment'

Date:Tuesday 21st September 2010
Author: Susanna Kavka

A spokesperson for Landlord Mortgages has claimed it is not an easy time for people to take out buy-to-let deals.

Lee Grandin, director of the firm, explained that there is not a great deal of lending going in this category and deposits are also a problem.

"While we have seen products improve, there is no demand for taking those products on because you still require a very large deposit to make the purchase work," he remarked.

Mr Grandin made his comments in response to research by Mortgages for Business, which indicated the number of buy-to-let arrangements on the market has jumped from about 40 in May 2009 to more than 200 this year.

The Landlord Mortgages representative claimed it is still a "restricted" market, despite the impression that such statistics give.

In his opinion, none of the new propositions available to people is a competitive enough deal to tempt landlords off of their current arrangements, which is an accurate indicator of the state of the sector.